Oppenheimer Sticks to Its Hold Rating for Fortive Corp

By Ryan Adsit

Oppenheimer analyst Jim Giannakouros reiterated a Hold rating on Fortive Corp (NYSE: FTV) today. The company’s shares opened today at $63.50, close to its 52-week high of $65.21.

Giannakouros commented:

“FTV reported adj. 2Q17 EPS of $0.71, above our/consensus $0.69E as PI revenue (core +6.6% y/y) and margin outperformance more than offset lower than expected results in IT (+4.5% core y/y, flat OM y/y) and higher corporate expenses. Notably, all strategic platforms outside of Franchise Distribution (soft tool storage demand cited, in line with industry leader SNA) increased core sales MSD+, netting to +5.4% y/y core growth overall. FTV cited solid HGM growth (LDD y/y led by China +high-teens), with developed markets growing LSD (Industrial trends notably firming in NA).”

According to TipRanks.com, Giannakouros is a 4-star analyst with an average return of 4.0% and a 53.6% success rate. Giannakouros covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Carlisle Companies Inc.

Currently, the analyst consensus on Fortive Corp is Hold and the average price target is $62.80, representing a -1.1% downside.

In a report issued on July 20, Cowen & Co. also reiterated a Hold rating on the stock with a $52 price target.

Fortive Corp’s market cap is currently $21.69B and has a P/E ratio of 24.54. The company has a book value ratio of 7.5094.

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Fortive Corp. is a diversified industrial growth company. It designs, develops, manufactures, and markets professional and engineered products, software and services for a variety of end markets. The company operates its business in two reportable segments: Professional Instrumentation and Industrial Technologies.