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Illinois Tool Works started with Buy rating at BofA Merrill

Dec. 11, 2017 3:59 PM ETIllinois Tool Works Inc. (ITW) StockITWBy: Carl Surran, SA News Editor4 Comments
  • Illinois Tool Works (ITW -0.9%) is initiated with a Buy rating and a $190 price target at BofA Merrill Lynch based on 24.5x 2019 P/E, implying a 2% dividend yield.
  • BofA projects ITW's organic revenue growth to accelerate to 3%-5% annually vs. 2017 growth of 2.5% and flat growth in 2015-16, and says the stock's valuation has shown strong historical correlation with return on invested capital and operating margin.
  • The firm also thinks tax reform could decrease ITW's rate from 29% to the low 20s, translating to an EPS increase of  $0.50-$0.60.

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