Veralto initiated with a Hold at Deutsche Bank

Deutsche Bank initiated coverage of Veralto with a Hold rating and $79 price target. Veralto is the “highly anticipated” water-focused Danaher spinout and represents the last “industrial” vestiges of the respected conglomerate, the analyst tells investors in a research note. The firm says the company operates with best in class financials and generates 60% of sales from more stable consumables given its razor-razorblade model. However, it finds the stock fully valued at current levels.