Illinois Tool Works price target raised to $255 from $222 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on Illinois Tool Works to $255 from $222 but keeps a Neutral rating on the shares. The company’s Q4 results were "solid" with 12% organic sales growth and operating margin expansion of 210bps y/y, the analyst tells investors in a research note. The firm notes however that at 28-times expected 2023 earnings, the stock’s valuation at its implied price target is at a "premium" relative to its peers.