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UPDATE: ISI Group Upgrades Mettler-Toledo to Market Weight, Lowers PT

Related MTD
Benzinga's Top Upgrades, Downgrades For January 4, 2018
Earnings Scheduled For November 2, 2017

In a report published Friday, ISI Group upgraded its rating on Mettler-Toledo International (NYSE: MTD) from Underweight to Market Weight, but lowered its price target from $165.00 to $148.00.

ISI Group noted, “Mettler-Toledo posted weak 2Q results, which wasn't really a surprise to us given the deluge of macro data points that pointed to worsening end market trends throughout 2Q. Europe declined 2%, mainly driven by food retail and an industrial slowdown. While China continued to hold in relatively well (growing 10%), retail declined in the high teens, with industrial growing ~10%. The high regard that the investment community has for the management team was yet again proven, with the company undertaking cost actions (to result in annual savings of ~$40 MM) to protect earnings. Furthermore, management also stated that it hedged its Fx exposure (Swiss Franc / Euro) for the next 12 months given recent volatility. The proactiveness of the management team is laudable, and given their ability to protect earnings and drive FCF yields, we are upgrading MTD shares from Underweight to Market Weight rating (PT lower at $148).”

Mettler-Toledo International closed on Thursday at $155.07.

Latest Ratings for MTD

Jan 2018Evercore ISI GroupInitiates Coverage OnIn-Line
Jan 2018BarclaysInitiates Coverage OnEqual-Weight
Nov 2017Morgan StanleyMaintainsEqual-Weight

View More Analyst Ratings for MTD
View the Latest Analyst Ratings

Posted-In: Mettler-Toledo InternationalAnalyst Color Upgrades Analyst Ratings


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