Fortive price target lowered to $85 from $92 at Argus

Argus analyst John Eade lowered the firm’s price target on Fortive to $85 from $92 but keeps a Buy rating on the shares after its recent Q1 results and below-consensus Q2 guidance. The company’s recent growth has slowed a bit due in part to supply-chain challenges, but the firm sees low double-digit EPS growth over the next two years, the analyst tells investors in a research note. Fortive shares are also now selling at a modest discount to the peer group, which represents an “attractive valuation”, the firm added.