Teledyne (TDY) PT Raised to $530 at Jefferies as 2021 Results Continue to Strengthen

August 2, 2021 8:54 AM EDT
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Price: $433.49 +0.09%

Rating Summary:
    7 Buy, 3 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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Jefferies analyst Sheila Kahyaoglu raised the price target on Teledyne (NYSE: TDY) to $530.00 (from $520.00) while maintaining a Buy rating after a solid Q2 beat was driven by operations with better drop through off a better than expected topline (up 10% organic). On a GAAP basis, NT performance is hindered by deal costs, which masks the underlying cash performance.

The analyst stated "2021 is set up to be a year of outperformance leveraging MSD/HSD revenue growth to drive productivity. The story is enhanced by the acquisition of FLIR. We raise our 2021 adjusted EPS to $15.50 up from $12.25 reflecting better core performance coupled with the FLIR contribution and exclusion of intangibles. The next leg up comes from outperformance on the acquisition, with TDY typically conservative in initial planning. We forecast $18.50 of cash EPS in 2022."



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