JPMorgan downgraded Fortive (FTV) to Neutral from Overweight with a price target of $53, down from $58, as part of a Q3 earnings preview for the electrical equipment and multi-industry sector. The firm sees “subpar” growth and below-average return on invested capital for the company. Risk of disruption in Fortive’s core software businesses justifies a lower than historical multiple, the analyst tells investors in a research note.
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