08:38 AM EDT, 09/06/2024 (MT Newswires) -- Despite Fortive's ( FTV ) new management and plan to spin off Precision Technologies, RBC Capital Markets said in a note to investors Thursday that it sees "little appealing value-unlocking opportunity" in the company's moves.

While the company's recent share buyback reduces capital allocation risk, its shuttering of acquisition possibilities "stalls near-term growth upside," the note said.

RBC said management changes that include a new chief executive and chief financial officer fail to address the Fortive ( FTV ) portfolio's lack of "cohesiveness" and that its analysts remain "on the sidelines" concerning FTV shares.

Though the company is already trading below the low end of its historical three-year relative price-earnings range, RBC said it is maintaining its $77 price target for the conglomerate.

Price: 72.55, Change: -0.25, Percent Change: -0.34