UPDATE: Wolfe Research Upgrades Fortive (FTV) to Outperform
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Wolfe Research analyst Nigel Coe upgraded Fortive (NYSE: FTV) from Peerperform to Outperform with a price target of $84.00 (from $81.00).
The analyst comments "We have raised our rating from PP to OP rating, given above-average risk reward vs. our YE22 target price of $85. FTV has also lagged YTD and its multiple has now de-rated to a level that is largely in line with the large-cap universe, despite FTV’s higher quality factors (~60% GM) and superior software mix (~12%). We believe sentiment has been dented by an M&A stasis over the past 18 months as the company has focused on portfolio restructuring, but we believe that capital deployment can be a major theme that drives a superior outlook for earnings and free cash flow growth over the medium term."
Shares of Fortive closed at $70.68 yesterday.
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