Illinois Tool Works price target raised to $250 from $243 at Wolfe Research

Wolfe Research analyst Nigel Coe raised the firm’s price target on Illinois Tool Works to $250 from $243 and keeps an Underperform rating on the shares. The firm believes Q1 marks a transitional quarter for the group where late cycle leadership hands off to improving cyclical momentum. This could break extreme crowding in the “Mag-Industrials,” meaning better risk/reward in higher beta stocks, “despite noise,” the analyst tells investors in a research note. Wolfe’s survey work highlighted improving optimism from U.S. distributors. It thinks Q1 will like mark a local bottom in core growth expectations for the multi-industry sector.