Melius Research analyst Scott Davis downgraded Fortive (FTV) to Hold from Buy with a $62 price target. The firm does not see a “differentiated” earnings growth outlook for Fortive following the spinoff of Ralliant (RAL). Fortive’s portfolio remains complex even after the breakup, and the industrial sector offers “plenty of growthier investment options,” the analyst tells investors in a research note. Melius sees a reasonable valuation at current share levels.
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