Morgan Stanley analyst Joshua Pokrzywinski upgraded Fortive (FTV) to Overweight from Equal Weight with a price target of $91, up from $70, and and named it as a top pick for 2020 alongside Emerson (EMR) and Gardner Denver (GDI). The analyst, who also upgraded his industry view on Multi-Industry to Attractive from In-Line, believes expectations around capital spending are quite low despite several years of underinvestment, sees limited excess capacity, and sees signals that improvement in trade is likely to release pent-up demand in the economy. He believes all three of his top picks in the Electrical Equipment and Multi-Industry sector capture those cyclical tailwinds as well as "idiosyncratic rerating stories," Pokrzywinski tells investors. On Fortive in particular, Pokrzywinski believes its cyclicality was underappreciated heading into the slowdown, but still believes the same can be said as markets recover.