Fortive price target lowered to $57 from $75 at UBS

UBS lowered the firm’s price target on Fortive (FTV) to $57 from $75 and keeps a Neutral rating on the shares following the recent separation of Ralliant (RAL). UBS sees favorable aspects of new Fortive, including brands within the portfolio, premium margins and 50%+ recurring revenues, but there is limited re-rating potential given still meaningful complexity and the recent revenue guide down, the analyst tells investors in a research note.