Rosenblatt Starts Fortive (FTV) at Neutral
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Rosenblatt analyst Scott Graham initiates coverage on Fortive (NYSE: FTV) with a Neutral rating and a price target of $77.00.
The analyst comments "FTV is, in our view, a premium industrial. Management has improved the portfolio through M&A since FTV's spin from DHR in 2016 ... sales are less cyclical, recurring revenues are higher. Margins and ROIC have declined but should, in time, rise from FBS and a restructuring. We view FTV as capable of long term +MSD organic and +LDD EPS growth. But weakness in Fluke and Tek, underperfromance in ASP, slower OMX and valuation keep up neutral. In our view, this is not the time to buy the stock. We expect +MSD cash earnings through 1H20 then a pivot upward in 2H20 just as the company splits into 2 entities. We will look to get more constructive in front of the same."
Shares of Fortive closed at $73.51 yesterday.
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