The consensus price target for Fortive Corporation (NYSE:FTV) has been decreasing, indicating a conservative outlook from analysts.
Despite the downward trend in price targets, Fortive’s stock has risen by 11.2% since its last earnings report, showing positive investor sentiment.
Fortive’s recent earnings of $0.97 per share beat the Zacks Consensus Estimate, suggesting strong financial performance.
Fortive Corporation (NYSE:FTV) is a leading industrial technology company that offers a diverse range of products, software, and services. It operates through three main segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. Fortive markets its offerings under well-known brands like ACCRUENT, FLUKE, GORDIAN, and TEKTRONIX.
The consensus price target for Fortive’s stock has been on a downward trend over the past year. A year ago, the average price target was $88.06, which decreased to $84.67 last quarter and further declined to $80 in the past month. This trend indicates a more conservative outlook from analysts regarding Fortive’s stock performance.
Despite this, Fortive’s stock has shown positive movement, rising by 11.2% since its last earnings report 30 days ago. This suggests a favorable response from investors to the company’s financial performance. However, Fortive’s stock has also experienced a decline of 7.16% over the past four weeks, indicating some volatility.
Analyst Julian Mitchell from Barclays has set a price target of $72 for Fortive, reflecting a cautious yet optimistic outlook. The stock is currently in oversold territory, suggesting that the heavy selling pressure may have subsided. Additionally, Wall Street analysts are revising their earnings estimates for Fortive upwards, indicating positive sentiment for a potential trend reversal.
Fortive recently reported quarterly earnings of $0.97 per share, surpassing the Zacks Consensus Estimate of $0.93 per share. This performance marks an improvement from the $0.85 per share reported in the same quarter last year. Fortive is set to release its next earnings report soon, with Wall Street anticipating growth in earnings. However, it is suggested that Fortive may not have the optimal combination of factors necessary for an earnings beat in this upcoming report.
