Mizuho Upgrades Fortive to Outperform with 18% Price Target Rise

Mizuho has upgraded Fortive's outlook to Outperform, indicating strong potential for stock price increase. Projected revenue growth and EPS figures further support optimism among investors.

Date: 08-09-2024

AI Rating: 7

Mizuho's upgrade of Fortive from Neutral to Outperform signifies a positive outlook, highlighting an expected 18.02% price increase based on an average one-year price target of 84.78 GBX/share. The latest closing price was 71.83 GBX/share.

This upgrade is likely to influence investor sentiment positively, as analysts project that the annual revenue for Fortive will be 6,394 MM, with a growth rate of 3.88%. Additionally, the projected annual non-GAAP EPS stands at 3.69, which could also impact the stock's valuation positively.

However, despite the growth in projected revenue, there were decreases in institutional ownership, with a decline of 2.29% in the number of reporting funds. This reflects a potential concern among institutional investors about the stock's performance. For example, T. Rowe Price Investment Management and Wellington Management Group both reduced their positions significantly, which may suggest a cautious approach from larger investors.

Despite these decreases in ownership, the overall sentiment from Mizuho's upgrade and the projected growth metrics indicate strong potential for Fortive's stock price. These mixed signals may lead to a cautious yet favorable short-term response in the stock market.

Stocks: FTV