Fortive price target raised to $80 from $75 at RBC Capital

RBC Capital raised the firm’s price target on Fortive to $80 from $75 and keeps a Sector Perform rating on the shares. The company reported a Q4 operating income beat on higher organic revenues and margins, with notable positives for the quarter that included a “healthy” 7% growth in ASP consumables, mid-single-digit point of sale growth at Fluke, double-digit SaaS growth, and positive price/cost dynamic, the analyst tells investors in a research note. If Fortive is able to string together more solid-earnings-quality quarters like Q4, the current valuation discount on the stock could be narrowed, RBC added.