Fortive price target lowered to $77 from $85 at RBC Capital

RBC Capital lowered the firm’s price target on Fortive (FTV) to $77 from $85 and keeps a Sector Perform rating on the shares. The company’s Q3 results saw an earnings miss on IOS weakness, though some delays in government-related spending and sector-wide China weakness were also factors in the reduction of 2024 organic sales guidance, the analyst tells investors in a research note. After a year-long spin-off preparation and moratorium on M&A, Fortive may be in “deal-limbo” for now, balancing risk/reward, the firm added.