JPMorgan lowered the firm’s price target on Illinois Tool Works to $250 from $255 and keeps an Overweight rating on the shares ahead of the Q3 report on October 24. The firm expects the stock to underperform on the Q3 earnings report and is modeling organic sales growth at 1.1%, followed by flattish in Q4. Several of the company’s end markets should remain weak at least through Q4 amid ongoing destocking and demand slowdown, the analyst tells investors in a research note.
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