It can get a little ugly when darlings lose their luster, and Danaher (DHR) took some dings in 2017, leading to underperformance relative to other multi-industrials like Fortive (FTV), Honeywell (HON), 3M (MMM), and Illinois Tool Works (ITW).
Considering the last couple of quarters, though, it looks as though
Danaher is back on better operational footing and that 2018 will be a
more "Danaher-like" year.
Given that Danaher spun
off most of its industrial exposure, I still see the risk that Danaher
will underperform some of those aforementioned peers for a little
longer, as industrial recoveries spur greater growth. Longer term,
though, I'm not really concerned. Like Honeywell, I can't really say
that Danaher is "cheap", but it does appear to be less expensive than
most of its peers and something of a relative bargain.
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Danaher Back On Track To Start 2018
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