Goldman Sachs notes that Danaher Corp (NYSE: DHR) has been one of its top picks during 2023 and has been one of the best-performing names in Goldman's sector YTD driven by a recovery in their diagnostics business, focus on higher growth end markets, and perception of higher quality which became attractive in a more volatile environment.
However, at the current valuation, Goldman's analyst says more attractive opportunities in the Tools space will likely benefit from a potential recovery in 2024, hence downgrading Danaher to Neutral from Buy.
Exposure to the pharmaceutical ...