KeyBanc Downgrades Teledyne (TDY) to Hold; Valuation/Growth Concerns Push Us to the Sidelines
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Price: $679.67 +0.89%
Rating Summary:
14 Buy, 4 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
14 Buy, 4 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc downgraded Teledyne (NYSE: TDY) from Buy to Hold.
KeyBanc analyst says, "We are downgrading our rating on shares of Teledyne following the release of 3Q11 results. While quarterly results exceeded expectations and management lifted its FY11 outlook, we believe TDY shares are fairly valued at the present time - reflecting the benefits of the recent corporate realignment, several major defense contract wins, and margin expansion that has materialized throughout 2011."
"Lowering 2012 estimates to account for revenue and earnings growth pressures and uncertainties. For 2011 we are now modeling for revenue of $1.97 billion, up slightly from our prior estimate of $1.96 billion. On the bottom line we are now forecasting EPS of $3.68, down slightly from our prior estimate of $3.69. For 2012 we have moderated our top-line estimate to $2.05 billion, down from our prior estimate of $2.07 billion, and have also lowered our EPS estimate to $3.88 from our prior estimate of $3.94."
For more ratings news on Teledyne click here and for the rating history of Teledyne click here.
Shares of Teledyne closed at $58.56 yesterday.
KeyBanc analyst says, "We are downgrading our rating on shares of Teledyne following the release of 3Q11 results. While quarterly results exceeded expectations and management lifted its FY11 outlook, we believe TDY shares are fairly valued at the present time - reflecting the benefits of the recent corporate realignment, several major defense contract wins, and margin expansion that has materialized throughout 2011."
"Lowering 2012 estimates to account for revenue and earnings growth pressures and uncertainties. For 2011 we are now modeling for revenue of $1.97 billion, up slightly from our prior estimate of $1.96 billion. On the bottom line we are now forecasting EPS of $3.68, down slightly from our prior estimate of $3.69. For 2012 we have moderated our top-line estimate to $2.05 billion, down from our prior estimate of $2.07 billion, and have also lowered our EPS estimate to $3.88 from our prior estimate of $3.94."
For more ratings news on Teledyne click here and for the rating history of Teledyne click here.
Shares of Teledyne closed at $58.56 yesterday.
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