ARGUS Reiterates 'Buy' Rating on Illinois Tool Works (ITW)
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ARGUS reiterates a 'Buy' rating on Illinois Tool Works Inc. (NYSE: ITW) and reaffirming $60 target price of $60, seeing further upside in the shares.
ARGUS analyst says, "ITW has continued to post solid revenue and profit growth and has maintained high operating margins relative to most peers. Indeed, revenue growth for the three months ended July 31 rose a strong 11.4%. Growth was led by the Power Systems and Electronics segment and the Test and Measurement business, offset by weakness in Transportation and Construction. Management has reaffirmed its earnings guidance for 3Q08 and the full year."
Illinois Tool Works Inc. (ITW) is a worldwide manufacturer of engineered products and equipment.
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