Illinois Tool Works (ITW) PT Raised to $180 at Jefferies Following 3Q Report

Jefferies raised its price target on Illinois Tool Works (NYSE: ITW) to $180.00 (from $170.00) while maintaining a Buy rating following the company's 3Q earnings report. ITW reported 3Q earnings of $1.71, which excludes a $0.14 benefit from a positive legal settlement.

The company continues to target ~100bps in margin improvement in 2018 from cost actions that have been taken under the Enterprise Strategy in addition to the 30-35% base incremental margin improvement from higher volumes. Management increased the 2017 guidance and anticipates 2-3% organic growth in 4Q.

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