Illinois Tool Works price target lowered to $205 from $211 at Barclays

Barclays analyst Julian Mitchell lowered the firm’s price target on Illinois Tool Works to $205 from $211 and keeps an Underweight rating on the shares. The analyst believes Q1 played out largely as expected, with most multi-industry company earnings likely to come in-line with or above Street estimates. The tone from most management teams will likely remain upbeat, but there "may be a little more skepticism in share price reactions now given a murkier macro outlook," the analyst tells investors in a research note. As such, the firm reduced 2024 estimates and price targets for several names and keeps a Neutral industry view.