Analyst Note
| Krzysztof Smalec, CFA |Considering COVID-19-related headwinds and ongoing supply chain disruptions, we think narrow-moat-rated Fortive delivered solid first-quarter results, featuring 5% core revenue growth and an 11% increase in adjusted EPS compared with the same period last year. We’ve trimmed our fair value estimate to $85 from $88, mostly due to slightly more conservative long-term growth assumptions, but continue to see Fortive as undervalued, with shares currently trading in 5-star territory.