UBS Downgrades Mettler-Toledo (MTD) to Neutral
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UBS downgraded Mettler-Toledo (NYSE: MTD) from Buy to Neutral with a price target of $415.00 (from $389.00) on balanced risk/reward.
Analyst Jonathan Groberg commented, "Our view on MTD's operating fundamentals and management's premium execution has not changed at all. If anything, the firm's recent investor day and another beat and raise quarter give us more conviction in the firm's strategy and management's execution ability. However, at the current valuation, both absolute and relative, it is hard to argue that this superior performance is not appreciated by the street or that the stock is mis-priced. Given valuation and potential global macro uncertainty we think the risk/reward to investors at current prices is balanced and we move to Neutral."
Shares of Mettler-Toledo closed at $396.14 yesterday.
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