In general, it's been a good reporting season for industrial companies, and the results from diversified industrials such as Illinois Tool Works Inc. (NYSE:ITW) and 3M Co.(NYSE:MMM) stand out in particular. Both companies raised their full-year earnings and organic revenue forecasts and served notice of improving end markets. That said, both stocks now trade at valuations that are definitely not cheap on a historical basis.
Let's look at the key takeaways from Illinois Tool Works' recent earnings report and determine whether there's enough here to take the stock higher in 2017.
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