Illinois Tool Works price target lowered to $302 from $318 at Truist

Truist lowered the firm’s price target on Illinois Tool Works (ITW) to $302 from $318 and keeps a Buy rating on the shares. The company’s Q4 results topped estimates but a lower tax rate contributed 3c per share to the bottom line, the analyst tells investors in a research note. Sales increased 3.7% from the third quarter versus Illinois Tool Works’ historical sequential growth of 1.5%, but the company has yet to see orders trend positive, Truist added.