- Illinois Tool Works (ITW +0.5%) is downgraded to Neutral from Outperform with a $108 price target at Baird, which says it continues to believe ITW is a best-in-class Industrial company but cites a shifting focus towards organic growth while key end markets in autos and food equipment are likely to slow while industrial end markets remain challenging.
- Baird also cites the stock's valuation after meaningful recent outperformance, and notes that consensus earnings growth depends more on organic sales growth going forward.