Fortive price target lowered to $88 from $94 at Seaport Research

Seaport Research analyst Scott Graham lowered the firm’s price target on Fortive to $88 from $94 and keeps a Buy rating on the shares. There were many “puts and takes” in the company Q2 earnings report: TEK and FAL sales missed expectations, sales of acquired EA declined materially, and the Q3 guidance miss; but the margin outlook in the 2H guidance was better than expected, the tax rate will be lower, and shares are being repurchased, the analyst tells investors.