Morgan Stanley analyst Joshua Pokrzywinski raised the firm’s price target on Illinois Tool Works to $223 from $174 and keeps an Underweight rating on the shares after the company "delivered a solid beat" and guided 2023 ahead of expectations. While the firm acknowledges it sees fewer catalysts for derating as "execution has been solid," it also sees a negative risk/reward on Illinois Tool Works’ valuation and short-cycle exposure.
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Read More on ITW:
- Illinois Tool Works price target raised to $183 from $170 at Deutsche Bank
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- ITW Reports Fourth Quarter and Full Year 2022 Results
- Illinois Tool Works sees FY23 EPS $9.40-$9.80, consensus $9.33
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