Needham analyst James Ricchiuti maintained a Buy rating on Teledyne Technologies (TDY – Research Report) today and set a price target of $522.00.
James Ricchiuti has presented a Buy rating for Teledyne Technologies, grounded on the company’s resilient sales performance and expanding margins. The firm’s decision to name TDY as their top pick for 2024 and include it in Needham’s Conviction List is a nod to its consistent outperformance in earnings per share (EPS) relative to consensus expectations—a trend that Teledyne has maintained for over five years. Despite a modest share performance increase in 2023, Ricchiuti recognizes the company’s robust track record and the strategic composition of its revenue streams, with a significant portion coming from advanced commercial sensing businesses.
Furthermore, Ricchiuti’s optimistic outlook for Teledyne Technologies is bolstered by its solid financial standing and a substantial backlog that underscores the company’s durable business model, capable of withstanding economic cycles. His confidence in TDY’s future is also reflected in the increased price target (PT) of $522, up from $455, which is based on a 24x multiple of the projected next-generation EPS for 2025. These factors collectively contribute to the Buy rating and signal a strong potential for investment in Teledyne Technologies.
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Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TDY in relation to earlier this year.
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Teledyne Technologies (TDY) Company Description:
Teledyne Technologies, Inc. engages in the provision of electronic and communication products for wireless and satellite systems. It operates through the following business segments: Instrumentation; Digital Imaging; Aerospace & Defense Electronics; and Engineered Systems. The Instrumentation segment includes monitoring and control instruments for marine, environmental, and industrial applications. The Digital Imaging segment offers sensors, cameras, and infrared systems. The Aerospace & Defense Electronics segment provides electronic components, data acquisition, subsystems, and communications equipment. The Engineered Systems segment develops and produces electrochemical energy systems and small turbine engines. The company was founded in 1960 and is headquartered in Thousand Oaks, CA.
Read More on TDY:
- Teledyne price target lowered to $472 from $488 at Morgan Stanley
- Teledyne’s contact image sensors are now in production
- Teledyne e2v announces next generation of high-performance global shutter CMOS image sensors
- Teledyne price target lowered to $430 from $500 at BofA
- Teledyne raises FY23 adjusted EPS view to $19.20-$19.30 from $19.00-$19.20
