Fortive price target lowered to $84 from $92 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Fortive to $84 from $92 and keeps an Equal Weight rating on the shares. A 90bp margin beat drove a 1c Q1 core beat, the firm says. Wells notes 2024 organic revenue guide was unchanged, with margins flat to up vs. initial guide. While Q1 was good, Q2 guide was a touch light, and there appears to be no room for non-perfect so far in earnings results, the firm adds.