Fortive, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Joseph C Giordano from TD Cowen maintained a Hold rating on the stock and has a $50.00 price target.
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Joseph C Giordano’s rating is based on a combination of factors that have influenced Fortive’s current market position. The recent completion of the RAL spin-off has altered Fortive’s business structure, making it less clear how the company will perform moving forward. While Fortive’s best-performing division has slowed down after a period of strong growth, other segments have struggled to meet expectations and lag behind competitors.
The shift in Fortive’s business model from a compounder to a more focused asset evaluation has raised concerns. The market now needs to assess the core assets, such as Fluke, FAL, and ASP, which may not align well outside the compounder model. Fluke, although performing well, faces potential downside risks, while FAL and ASP have underperformed. Given these uncertainties and the availability of better investment options, Giordano has opted for a Hold rating, suggesting that while buybacks provide some support, there are more attractive opportunities elsewhere.
In another report released on July 2, Citi also maintained a Hold rating on the stock with a $59.00 price target.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FTV in relation to earlier this year.