UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Illinois Tool Works

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Illinois Tool Works ITW, and raised its price target from $70.00 to $72.00. Jefferies noted, “ITW will be hosting an Investor Day in New York on Friday, December 14th. Ahead of the meeting we review the prevailing end market trends, Street expectations and take a look back at what we learned over the last year. We provide our model for those wishing to follow along. We continue to recommend shares of ITW as we believe ITW is one of the better defensively positioned companies within our coverage.” Illinois Tool Works closed on Tuesday at $61.86.