Deutsche Bank last night upgraded Illinois Tool Works (ITW) to Hold from Sell with a price target of $257, up from $231. The firm downgraded Illinois Tool to Sell in August 2022, feeling the stock’s premium multiple was not justified, given the company’s below-average organic growth profile and plateauing operating margins. This has largely played out, resulting in two years of share price underperformance, the analyst tells investors in a research note. Deutsche Bank says Illinois Tool Works now trades roughly in-line with the peer average multiple.
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Read More on ITW:
- Illinois Tool Works upgraded to Hold from Sell at Deutsche Bank
- Illinois Tool Works price target lowered to $262 from $265 at Barclays
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