Fortive downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Stephen Tusa downgraded Fortive to Neutral from Overweight with a price target of $90, down from $95. The firm also removed the shares from its Analyst Focus List. The company’s Precision Technologies order trends have remained sluggish so far this year, with sales likely down through the first half of 2024 despite support from an excess backlog that is close to being exhausted, the analyst tells investors in a research note. The firm sees risk that orders don’t recover as quickly as expected, “which would mean sales could reconnect to orders rather than the other way around.”