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ITW - Illinois Tool Works Inc News Story

$215.89 -2.0  -0.9%

Last Trade - 17/09/21

Large Cap
Market Cap £49.76bn
Enterprise Value £53.82bn
Revenue £10.16bn
Position in Universe 194th / 7147

BUZZ-JPMorgan upgrades Paccar, other industrial companies to "overweight"

Tue 13th July, 2021 2:11pm
** JPMorgan upgrades truckmaker Paccar Inc  PCAR.O ,
agricultural machinery maker AGCO Corp  AGCO.N  and construction
equipment maker Terex Corp  TEX.N  to "overweight" from
    ** Stocks rise between 1.4% and 2.3% in premarket trading 
    ** Brokerage says recent pullback provides buying
opportunity for long-term investors as leading construction
indicators continue to accelerate and U.S. agricultural
fundamentals remain strong
    ** Analysts, however, note that Q2 earnings may not be a
significant catalyst for the group as growth and additional
margins remain constrained by supply chain challenges
    ** Says would buyer stock of Caterpillar  CAT.N , Cummins
 CMI.N  and Illinois Tool Works  ITW.N  on any weakness
    ** "Stocks reflect the early-cycle nature of the industry
but we believe that the recent underperformance provides an
interesting entry point for long-term investors with a likely
reacceleration in orders into 2022 as a catalyst," a group of
JPMorgan analysts led by Ann Duignan wrote
    ** S&P 500 machinery index  .SPLRMAC  up ~18% YTD vs 16.7%
rise for benchmark S&P 500  .SPX 

 (Reporting by Sruthi Shankar)
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