Wells Fargo analyst Joseph O’Dea raised the firm’s price target on Illinois Tool Works to $236 from $230 and keeps an Underweight rating on the shares. During Q2, Illinois Tool Works saw softening demand in Welding and Test & Measurement, the firm notes. There was no common thread to point to beyond more cautious purchasing from customers, Wells adds, saying it mirrors some of the PMI softness during the quarter.
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