Fortive upgraded to Overweight on valuation at JPMorgan

JPMorgan analyst Stephen Tusa upgraded Fortive to Overweight from Neutral with a price target of $92, up from $90. Having lagged this year on headwinds “that are now well vetted,” the stock is one of the cheapest in the sector on free cash flow yield, the analyst tells investors in a research note. JPMorgan is “not particularly positive on fundamentals,” but sees upside to Fortive shares on a sum-of-the-parts basis, with potential portfolio action a remedy “to what is typically a spin purgatory hangover.”