Fortive downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Fortive (FTV) to Hold from Buy with a price target of $50, down from $85. Following the spinoff of Ralliant (RAL), the thesis on the new Fortive becomes less clear, the analyst tells investors in a research note. The firm says the company’s best business is decelerating after a strong run while the rest of the company is struggling to meet expectations. TD sees better options elsewhere for share appreciation.