Standpoint Research Downgrades Illinois Tool Works (ITW) to Hold; Time to Take Profits

Standpoint Research downgraded Illinois Tool Works (NYSE: ITW) from Buy to Hold with a price target of $55.00.

Analyst, Ronnie Moas, said, "We loaded up on Industrial (and Discretionary) names in the last few months. In fact 12 of our last 59 (21%) recommendations and 7 of the last 28 (25%) came from the Industrials sector (that is < 11% in the S&P-500). As this sector continues to rally and outperform we are gradually dropping those high-beta names. This is the eighth name we have dropped out of the 12 … Cummins (NYSE: CMI), Raytheon (NYSE: RTN), Foster Wheeler (Nasdaq: FWLT) and Siemans (NYSE: SI) remain open from that dozen."

"We are dropping ITW here at $51.56, fairly valued at 13X and just $3 away from our $55 price target. The shares have outperformed the S&P by 1500 bps since late November and we want to lock in this gain."

For an analyst ratings summary and ratings history on Illinois Tool Works click here. For more ratings news on Illinois Tool Works click here.

Shares of Illinois Tool Works closed at $49.37 yesterday.

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