Argus lowered the firm’s price target on Illinois Tool Works to $275 from $290 but keeps a Buy rating on the shares after its Q1 results and guidance. The company is on track to deliver low single-digit sales growth over the long term, which, along with margin expansion, has the potential to drive high single-digit EPS growth over the course of the economic cycle, the analyst tells investors in a research note.
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Read More on ITW:
- Illinois Tool Works raises FY24 EPS to $10.30-$10.70, consensus $10.14
- Illinois Tool Works reports Q1 EPS $2.73, consensus $2.36
- ITW Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Illinois Tool Works price target lowered to $280 from $285 at JPMorgan
- Illinois Tool Works price target raised to $259 from $258 at Stifel
