Bank Of America Downgrades Illinois Tool Works To Underperform

According to Bank of America, Illinois Tool Works ITW is downgraded to Underperform. Bank of America said that it is downgrading ITW from Neutral to Underperform given its view of the company's more limited share price upside relative to peers following the market's correction. “We derive our $53 PO by applying a 13 times forward multiple to our 2012 EPS estimate of $4.10.” Illinois Tool Works closed on Friday at $45.09.