Fortive (FTV) Reiterated Outperform at Credit Suisse After A Beat/Raise Quarter

February 5, 2021 6:21 AM EST
Get Alerts FTV Hot Sheet
Price: $72.38 +0.24%

Rating Summary:
    11 Buy, 14 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Credit Suisse analyst John Walsh reiterated an Outperform rating and $78.00 price target on Fortive (NYSE: FTV) after the company reported a 2c operational beat in Q4, guided the Q121 EPS range above consensus, and captured consensus at the lower end of its 2021 EPS guidance. The company laid out a vision for 40% incremental margin on a forward basis, following the return of some temporary cost avoidance in 2021. This compares to the historical and consensus embedded incremental margin of 35% and 33%, respectively.

The analyst stated "Our TP of $78 is based on 27X (from 29X) our 2022 EPS of $2.87 (from $2.70). This accounts for partial deployment of the VNT proceeds for share repurchase. However, we expect FTV to prioritize acquisitions."

For an analyst ratings summary and ratings history on Fortive click here. For more ratings news on Fortive click here.

Shares of Fortive closed at $66.08 yesterday.

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