Jefferies Raises Price Target for Illinois Tool Works (ITW)


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On Wednesday analysts at Jefferies boosted the price target for industrial manufacturer Illinois Tool Works Inc. ( ITW ) while maintaining its "Buy" rating.

The analysts now see shares of ITW reaching $72, which is a +16.4% upside from Tuesday's closing price of $61.86.

Jefferies notes that there is defensive positioning within the company, which will help increase the stock price.

Illinois Tool Works shares were flat in premarket trading on Wednesday. The stock is up +32.43% year-to-date.

The Bottom Line
Shares of Illinois Tool Works ( ITW ) have a 2.46% dividend yield, based on last night's closing stock price of $61.86. The stock has technical support in the $56-$58 price area. The stock is trading near its all-time highs.

Illinois Tool Works Inc. ( ITW ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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