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.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FTV: