Illinois Tool Works "outperform," target price raised

07/20/07 - Bear Stearns

NEW YORK, July 20 (newratings.com) - Analyst Ann Duignan of Bear Stearns maintains her "outperform" rating on Illinois Tool Works Inc (ITW). The target price has been raised from $58 to $64.

In a research note published this morning, the analyst mentions that the company has posted its 2Q diluted EPS marginally ahead of the estimates and the consensus. Illinois Tool Works has raised its EPS guidance for 2007 from $3.27-$3.39 to $3.31-$3.41, relative to the previous consensus expectation of $3.34. The rate at which the company is acquiring is accelerating and the quarterly organic growth is expected to accelerate sequentially in 3Q, Bear Stearns adds.