Teledyne (TDY) PT Raised to $400 at Needham & Company

Needham & Company analyst James Ricchiuti raised the price target on Teledyne (NYSE: TDY) to $400.00 (from $355.00) while maintaining a Buy rating.

The analyst commented, "We met with TDY at last week’s Needham Growth Conference and came away more optimistic about the setup in 2020 and potential for continued solid organic top-line growth of 5%, along with incremental M&A contribution from recent acquisitions. We believe business remains generally strong across the board, with the exception of consumer electronics-related industrial machine vision and some modest Boeing 737-Max related exposure. Prospects look good for further margin improvement looking at the potential revenue mix and ongoing operating leverage. TDY shares have been stellar performers and trade near all-time highs. We believe the re-rating is justified given TDY’s long history of consistent earnings growth and more attractive business portfolio. Reaffirm Buy rating."

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