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Analyst Rating In Review: Illinois Tool Works Sold Off 5.6% Since Downgraded 7 Days Ago (ITW)

Published on Wed, 02/06/2013 - 10:12
By Peter Chu

BMO Capital downgraded Illinois Tool Works (NYSE:ITW) from Outperform to Market Perform a week ago. Illinois Tool Works shares are selling at $61.79, 5.6% below the $65.44 price point of one week ago.

In the past 52 weeks, Illinois Tool Works share prices have been bracketed by a low of $49.07 and a high of $65.60 and are now at $62.58, 28% above that low price. The 200-day and 50-day moving averages have moved 0.18% higher and 0.27% higher over the past week, respectively.

Illinois Tool Works has overhead space with shares priced $62.58, or 7.8% below the average consensus analyst price target of $67.86. The stock should discover initial support at its 50-day moving average (MA) of $62.10 and subsequent support at its 200-day MA of $58.35.

Illinois Tool Works Inc. designs and manufactures fasteners and components, equipment and consumable systems, and a variety of specialty products and equipment. The Company's products include industrial fluids and adhesives, tooling for specialty applications, welding products, and quality measurement equipment and systems. Illinois Tool Works operates worldwide.

By Peter Chu
pchu@fnno.com