UPDATE: Wolfe Research Upgrades Fortive (FTV) to Outperform

July 12, 2021 7:19 AM EDT
Get Alerts FTV Hot Sheet
Price: $71.73 -1.39%

Rating Summary:
    13 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 9 | New: 24
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(Updated - July 12, 2021 7:22 AM EDT)

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."

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 $70.68 yesterday.

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