Mettler-Toledo upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Rachel Vatnsdal upgraded Mettler-Toledo to Neutral from Underweight with a price target of $1,350, up from $1,100. The stock’s valuation gap has narrowed in recent months, as Mettler-Toledo now trades at a six-times premium to peers, Vatnsdal tells investors in a research note. The analyst believes the company has a "quality management team with sticky market share and pricing power" despite recessionary risk given its portfolio is more skewed toward industrial/applied end markets and instrument sales relative to peers. She believes the six-times valuation premium is now justified and sees the stock’s risk/reward profile as fairly balanced relative to peers.