UPDATE: Citigroup Raises PT on Illinois Tool Works as Planned Sale of Industrial Packaging Business Begins

In a report published Wednesday, Citigroup analyst Deane M. Dray reiterated a Neutral rating on Illinois Tool Works (NYSE: ITW ), and raised the price target from $75.00 to $80.00. In the report, Citigroup noted, “Following its disclosure in February 2013 that it was reviewing strategic alternatives for its $2.4