UPDATE: Jefferies Raises PT on Illinois Tool Works to $70 (ITW)

Jefferies is out with its report today on Illinois Tool Works (NYSE: ITW), raising its PT from $65 to $70.

In a note to clients, Jefferies writes, "Our $70 PT (from $65) is based on multiples that are above the midpoint of the historical range (180% EV/Sales, 10.0x EV/EBITDA, 16.5x P/E) on our FY11 numbers. Risks include any change in economic growth and the company's ability to supplement growth with acquisitions. ITW is global and could be impacted by currency fluctuations."

Shares of ITW closed Tuesday at $57.73, up 6.10% from Monday's close.