Fortive price target lowered to $82 from $89 at Truist

Truist lowered the firm’s price target on Fortive to $82 from $89 but keeps a Buy rating on the shares. The company’s Q2 results were in line but its “bridge to the guide” was different as core growth outlook was lowered to up 2%-3% from up 2%-4% on weaker Precision Technologies sales and cut to EA revenue contribution, the analyst tells investors in a research note. Longer term, Truist notes that Fortive has taken aggressive actions to transform its portfolio away from cyclical, low growth markets into higher, more durable growth markets, while also structurally improving margins and the cash flow generation of the business.