Fortive (FTV) Reiterated Outperform at Credit Suisse After A Beat/Raise Quarter
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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."
Shares of Fortive closed at $66.08 yesterday.
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