Teledyne (TDY) PT Raised to $570 at Berenberg

September 28, 2021 6:30 AM EDT
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Price: $451.22 -0.25%

Rating Summary:
    7 Buy, 3 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 15
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Berenberg analyst Andrew DeGasperi raised the price target on Teledyne (NYSE: TDY) to $570.00 (from $565.00) while maintaining a Buy rating.

The analyst commented, "Pullback offers attractive setup into Q3; reiterate Buy: We are buyers of TDY into Q321 earnings as the stock has pulled back on broader supply chain concerns. We think recent weak corporate commentary across industrials coupled with FLIR acquisition integration risk have caused TDY's multiple to de-rate since May (TDY trades at 25x our 2022 EPS estimate versus >30x previously). However, recent order trends suggest TDY's guidance is quite conservative, in our view, and TDY can even exceed expectations. TDY's execution track record and unique position as both a supplier and customer into the semis industry also provides us with confidence in its ability to navigate supply challenges. The market has yet to fully appreciate the TDY/FLIR combination, in our view, and we expect the stock to re-rate as synergies materialize and TDY de-levers. We increase our 2023 EPS estimate slightly and, as a result, raise our PT to $570 (from $565), implying 32% potential upside."



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