JPMorgan analyst Ann Duignan upgraded the stock to "Overweight" from "Neutral," citing Monday's manufacturing report by the Institute for Supply Management.
The trade group of purchasing executives said manufacturing activity rose during January to 35.6 from a record low of 32.9 in December. That was well above the reading of 32.6 economists had expected.
Duigan also cited strenghts that we saw in the company as well (strong balance sheet, decentralized management style)
ITW rose 4.7% on the day.