In a report published Monday, Cantor Fitzgerald analyst Sung Ji Nam upgraded Mettler-Toledo MTD from Hold to Buy, and raised the price target from $205.00 to $252.00.
In the report, Cantor Fitzgerald noted, “Although the magnitude of the 2Q:13 beat (reported July 25, AMC) may have been disappointing compared to what investors are used to from MTD, we are encouraged by early indicators of improvement/stabilization in some of MTD's end markets and are upgrading our rating to BUY from HOLD. Specifically, MTD reported solid growth in the Americas and saw stable demand in Europe (together representing ~68% of sales) in 2Q, with order growth exceeding revenue growth in both 1Q and 2Q this year (reversal of last year's trends). While Asia, and particularly China (~18% of sales), remains an overhang, comps get easier next year (e.g., China declined -1% in 1Q, -11% in 2Q, and is expected to decline in the mid- to high-single digits in 3Q and stay flat in 4Q this year).”
Mettler-Toledo closed on Friday at $219.54.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.