Mettler-Toledo price target raised to $1,650 from $1,410 at Wells Fargo

Wells Fargo analyst Timothy Daley raised the firm’s price target on Mettler-Toledo to $1,650 from $1,410 and keeps an Overweight rating on the shares. The analyst reiterates a negative Pharma/Biotech outlook on late-cycle headwinds and positive Industrial/Applied outlook on secular growth tailwinds, expecting both themes to continue playing out in the first half of 2023 as the cycle rotation from peak to trough bottoms and secular growth tailwinds further materialize, respectively. He sees increasingly mixed signals from Academic/Govt as budding growth catalysts are offset by rapidly increasing political risk.