UPDATE: JPMorgan Upgrades Fortive (FTV) to Overweight
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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."
Shares of Fortive closed at $69.12 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesJPMorgan, Stephen Tusa
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