Fortive price target lowered to $93 from $97 at Barclays

Barclays analyst Julian Mitchell lowered the firm’s price target on Fortive to $93 from $97 and keeps an Overweight rating on the shares. The analyst expects a “more mixed” earnings season than normal for the multi-industry group, with a good spread of 2024 earnings guide cuts and raises. Multi-industry stocks have pulled back on a relative basis, “so a pure defensive stance may not make sense now,” the analyst tells investors in a research note.