UPDATE: JPMorgan Upgrades Fortive (FTV) to Overweight

May 20, 2021 5:43 AM EDT
Get Alerts FTV Hot Sheet
Price: $74.21 -0.66%

Rating Summary:
    13 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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(Updated - May 20, 2021 5:43 AM EDT)

JPMorgan analyst C. Stephen Tusa Jr. upgraded Fortive (NYSE: FTV) from Neutral to Overweight with a price target of $80.00 (from $70.00).

The analyst comments "We remain impressed with the ongoing portfolio transformation, and following a period of transition where performance vs plan was tough to discern (most notably with regard to recent large deals like Gordian/Accruent/ASP), we now have more confidence in business quality and execution on recent acquisitions, important for a story in which execution on deals is a critical driver of a historical and potentially future premium. On this front, we see ample opportunity both in terms of balance sheet capacity and appetite to drive above-average FCF growth through acquisitions, while organically the core businesses look well positioned cyclically, the combination of which is a favorable backdrop a stock that continues to trade at a discount to compounder peers but should increasingly look like one. The stock seems like an attractive value in this context."

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 $69.12 yesterday.

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