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BofA downgrades ‘uniquely vulnerable’ Illinois Tool Works to Underperform

As previously reported, BofA analyst Andrew Obin downgraded Illinois Tool Works (ITW) to Underperform from Neutral with a price target of $220, down from $245. Given its exposure to automotive and consumer markets, the firm believes that the company will face headwinds to growth and margin expansion, driving negative consensus revisions, says the analyst, who notes that BofA’s 2025 estimates are below consensus. Even without a broader recession, ITW is “uniquely vulnerable” to tariff disruption given its end market mix, the analyst added.

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