Fortive upgraded to Outperform from Neutral at Mizuho

Mizuho upgraded Fortive to Outperform from Neutral with a price target of $90, up from $80, after the company announced its intention to pursue a tax-free spin-off of its Precision Technologies segment. The spin-off will create two independent publicly traded companies, each with separate and focused business models and tailored capital allocation strategies, the analyst tells investors in a research note. The firm Fortive’s sum-of-the-parts valuation is now “too attractive to ignore.”