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Benzinga
Benzinga
Business
Akanksha Bakshi

JPMorgan Upgrades This Fortune 200 Manufacturing Company

JPMorgan ITW NYSE
  • 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.
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