Illinois Tool Works price target lowered to $253 from $265 at Citi

Citi analyst Andrew Kaplowitz lowered the firm’s price target on Illinois Tool Works (ITW) to $253 from $265 and keeps a Neutral rating on the shares. As part of a Q1 preview for the U.S. electrical equipment and industrial conglomerates, Citi says it believes the Trump Administration’s protectionist platform should “reboot” the group’s secular tailwinds over time. As such, the firm sees “value developing” across the multis. The sector’s Q1 orders and earnings “mostly should be fine,” the analyst tells investors in a research note.