- Illinois Tool Works Inc. (NYSE:ITW) has been upgraded to Overweight from Neutral by JPMorgan analyst Tami Zakaria, as he views the stock's risk/reward as tilted more to the upside at the current valuation.
- The analyst lowered the price target for ITW to $255 (an upside of 20%) from $262.
- The analyst notes, management did not take temporary cost actions during the worst of the pandemic in 2020, instead of positioning the businesses to win in the recovery.
- Zakaria predicts auto industry production to trough in the coming months with a wave of more optimistic sentiment on the horizon.
- Price Action: ITW shares are trading higher by 0.35% at $212.49 on the last check Monday.
