UPDATE: BMO Capital Markets Downgrades Illinois Tool Works to Market Perform

BMO Capital Markets downgraded Illinois Tool Works

from Outperform to Market Perform and raised the price target from $66.00 to $67.00. BMO Capital Markets commented, "We are cutting our rating on ITW shares to Market Perform from Outperform because the shares have advanced strongly over the past year as investors have anticipated and embraced the new strategy. However, with the stock now in the mid/low $60s, and as we are trying to take a longer term view, we do not see the same sort of annual appreciation potential as we have when recommending the stock previously." Illinois Tool Works closed at $64.41 on Tuesday.