Gates Industrial price target lowered to $26 from $27 at Barclays

Barclays lowered the firm’s price target on Gates Industrial (GTES) to $26 from $27 and keeps an Overweight rating on the shares. The firm reduced price targets on a number of short cycle industrial and industrial capex related names, but says it “may be too late to pivot to a purely defensive posture.” Barclays sees growing downside risk relating to sales from higher policy uncertainty and ongoing high interest rates, as well as to margin outlooks from tariffs and falling lead times for much of the multi-industry sector.