ITW - Why Illinois Tool Works Stock Is Down Today
2023-04-13 11:48:14 ET
A Wall Street analyst lowered her price target on Illinois Tool Works (NYSE: ITW) , warning the difficult macroeconomic environment will likely make it tough for the manufacturing company to outperform. And investors are taking note, sending shares down more than 2% on Thursday morning.
Illinois Tool Works is a manufacturer of engineered fasteners, components, and specialty equipment for a range of sectors. It is an important part of the supply chain for a number of different industries, but if those customers slow their manufacturing plans, there is little ITW can do to avoid a slowdown.
Deutsche Bank analyst Nicole Deblase warned that heading into earnings season, the outlook for stocks like Illinois Tool Works is "undeniably challenging," and there is little to suggest that the big-picture debate about whether the country is headed toward a recession will be resolved any time soon. As a result, Deblase lowered her price target on the shares to $181, from $183, and reiterated a sell rating on the shares.
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Why Illinois Tool Works Stock Is Down Today