Morgan Stanley analyst Joshua Pokrzywinski assumed coverage of Fortive with an Overweight rating, up from the firm's prior Equal Weight rating, stating that he believes its increased focus on software and recurring revenues should drive outperformance. He sees recent M&A transactions moving long-term growth closer to 4% and margins toward 23%, Pokrzywinski tells investors. He set an $82 price target on Fortive shares, down from the prior $84 target.
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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."