Illinois Tool Works price target lowered to $260 from $262 at Barclays

Barclays analyst Julian Mitchell lowered the firm’s price target on Illinois Tool Works (ITW) to $260 from $262 and keeps an Equal Weight rating on the shares. The firm reduced price targets on a number of short cycle industrial and industrial capex related names, but says it “may be too late to pivot to a purely defensive posture.” Barclays sees growing downside risk relating to sales from higher policy uncertainty and ongoing high interest rates, as well as to margin outlooks from tariffs and falling lead times for much of the multi-industry sector.