Teledyne (TDY) PT Raised to $560 at Needham & Company, Following Earnings

October 27, 2021 2:52 PM EDT
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Price: $431.67 +1.26%

Rating Summary:
    7 Buy, 3 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 15 | New: 62
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Needham & Company analyst James Ricchiuti raised the price target on Teledyne (NYSE: TDY) to $560.00 (from $540.00) while maintaining a Buy rating.

Analyst says: "Legacy Teledyne is performing well with mgmt again increasing its organic growth target for the year, to ~7.25% from 6.6% in July. The FLIR business is also tracking well, growing we believe high single digits y/o/y (adjusting for last year’s COVID-related sales boost), with TDY now expecting to reach its $80M cost-synergy target by mid-2022, 6 months sooner than in its prior update. TDY provided stronger-than-expected earnings guidance for Q4. With the FLIR integration going well, demand across the business remaining healthy and TDY navigating through the challenging component environment, we are raising estimates for Q4’21 and 2022."

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