Illinois Tool Works price target lowered to $236 from $240 at Stifel

Stifel analyst Nathan Jones lowered the firm’s price target on Illinois Tool Works to $236 from $240 and keeps a Hold rating on the shares. The company reported a modest beat on its Q1 revenue and EPS while also raising its FY23 EPS guidance, the analyst tells investors. This increase in EPS, however, was attributable to a lower tax rate and, with a slightly lower headwind from FX, the organic outlook is unchanged to slightly lower compared to its previous guidance, Stifel says.