Vertical Research analyst Jeffrey Sprague pruned the firm’s Buy ratings in the electrical equipment and multi-industry sector with downgrades of Fortive (FTV) and Otis Worldwide (OTIS) to Hold from Buy. The firm says modest earnings disappointments in 2023 led to share price underperformance for Fortive and that it does not see a clear catalyst for the shares to have better relative performance in 2024.
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