Story updated at 9:55 a.m. to reflect market activity.
Shares of Illinois Tool Works were gaining 1% to $97.63 in morning trading.
The analyst firm raised its 2015 EPS estimate for the industrial goods company to $5.30 a share from $5.15 a share. Barclays analysts also set a new 2016 EPS estimate of $6.05 a share for the company.
"Following ITW's analyst day, we continue to believe that strong execution in its Enterprise Initiatives, an increasing management focus on organic growth, and generally solid end markets (with low exposure to energy) should continue to drive earnings improvement for ITW," analysts Andy Kaplowitz and Vlad Bystricky wrote.
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Separately, TheStreet Ratings team rates ILLINOIS TOOL WORKS as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ILLINOIS TOOL WORKS (ITW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and compelling growth in net income. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."