Tiger Brokers

BUZZ-Fortive falls after TD Cowen downgrades to 'hold'

Reuters
Jul 15
BUZZ-Fortive falls after TD Cowen downgrades to 'hold'

** Shares of industrial products maker Fortive FTV.N fall 2.2% to $51 premarket after TD Cowen trims stock rating to "hold" from "buy"

** "With the spin of Ralliant RAL.N now complete, the call on new FTV becomes less clear with its best business decelerating after a strong run and the rest struggling to meet expectations" - brokerage

** Last month, FTV completed RAL separation which it announced in September last year

** Brokerage also trims FTV PT to $50 from $85; a 4% downside to stock's last close

** Initiates coverage on RAL with "buy" rating, PT at $64

** Median PT of 21 brokerages covering FTV is $63 - LSEG data

** As of last close, FTV was down 7.7% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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