BofA downgraded Illinois Tool Works to Underperform from Neutral with a price target of $235, down from $260. The firm thinks the company is likely to miss consensus 2024 EPS forecasts on lower-than-expected margins and sees risk of a multiple de-rating as 2024 is likely to be another year of below-average growth. BofA maintains a slight premium to the industrial group multiple for Illinois given its above-average EBITDA margins, the analyst noted.
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