Teledyne downgraded to Neutral from Buy at BofA

BofA downgraded Teledyne to Neutral from Buy with a price target of $400, down from $490. The company broke expectations of announcing a “beat-and-raise” and instead surprised investors with a “miss-and-cut” on weakness in its Digital Imaging unit, the analyst tells investors in a research note. The firm believes that despite improvements in the overall industrials macro environment, Teledyne “will be on the sidelines for a while” due to its delayed position in the value chain.