Citi analyst Andrew Kaplowitz upgraded Fortive (FTV) to Buy from Neutral with a price target of $84, up from $76. With industrial production having peaked in December 2018, the "industrial cycle" is in the midst of a mild downturn that could stabilize, Kaplowitz tells investors in a research note. In the interim, however, the analyst expects "choppiness" amongst end markets as the cycle bottoms. De-stocking in shorter cycle markets is well underway and could end over the next few quarters, while certain longer-cycle markets remain healthy having largely bypassed the downturn, contends the analyst. He believes stock selectivity is key and prefers companies with a "combination of self-help runway and exposure to resilient long-cycle and/or 'secular' growth end markets." As such, Kaplowitz upgraded Fortive to Buy and downgraded 3M (MMM) to Neutral.

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Sees Q2 revenue $1.6B, consensus $1.62B. The company said, "For the second quarter of 2024, Fortive anticipates revenue of approximately $1.6 billion, diluted net earnings per share of $0.57 to $0.60 and adjusted diluted net earnings per share of $0.90 to $0.93."