BofA upgraded Illinois Tool Works (ITW) to Neutral from Underperform with a price target of $270, up from $235. While the company has best-in-class margins and returns, the stock has de-rated materially over the past year on a relative basis as it has struggled to deliver organic growth and earnings growth in line with peers, the analyst tells investors in a research note. The firm believes, however, that risk/reward is balanced in 2025 and does not see material downside risk to consensus. The company has above-average short-cycle exposure, but the analyst believes Auto and consumer/residential will likely keep growth at or below peer levels.
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