As reported earlier, BMO Capital analyst Joel Tiss downgraded Carlisle to Market Perform from Outperform and lowered his price target to $125 from $140. The analyst notes that investors have been consistently surprised over the past year and a half by the "one-time items" related to restructuring and other operating initiatives than did not lead to profitability more quickly. Tiss expects another such instance in the upcoming Q3 results, compounded by the headwinds of seasonality in roofing and the $5M charge related to the retirement of the head of Carlisle's Construction materials segment. The analyst lowers his expected Q3 EPS view by 10c to $1.78 ahead of the results.