Mettler-Toledo price target lowered to $1,100 from $1,300 at JPMorgan

JPMorgan lowered the firm’s price target on Mettler-Toledo to $1,100 from $1,300 and keeps a Neutral rating on the shares. The tools group continues to be out of favor along with broader healthcare, but investors continue to look for “places to hide within healthcare and we view pockets of tools as the lesser-of-evils within the HC sector given the current backdrop,” the analyst tells investors in a research note. The firm updated models to reflect a more difficult setup for the rest of 2023 and into 2024. Despite the headwinds the group is facing, JPMorgan maintains its recommendation for select exposure in tools given strong underlying market dynamics in bioprocessing, saying the stocking headwinds are largely a timing-related issue