BofA Securities Downgrades Teledyne (TDY) to Neutral

BofA Securities analyst Ronald Epstein downgraded Teledyne (NYSE: TDY) from Buy to Neutral with a price target of $400.00 (from $490.00).

The analyst said: "Teledyne (TDY) broke expectations of announcing a “beat-and-raise” and instead surprised investors with a “miss-and-cut”. Citing a slowdown in its Digital Imaging unit (DI) –TDY’s largest by revenue (~50%) and where most purchases are made with little lead time – the company cut its 2024 EPS outlook to $19.25-$19.45 from $20.35-$20.65. Despite improvements in the overall industrials macro-environment, TDY will be on the sidelines for a while due to their delayed position in the value chain. Thus, we are downgrading to a Neutral (from a Buy) and cutting our PO to $400 (from $490)."

For an analyst ratings summary and ratings history on Teledyne click here. For more ratings news on Teledyne click here.

Shares of Teledyne closed at $376.98 yesterday.

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