UBS initiated coverage of Teledyne with a Buy rating and $495 price target. Teledyne is a leading provider of specialty sensors and instrumentation products, and appears to be misunderstood by investors, the analyst tells investors in a research note. The firm believes this provides an opportunity with 19% potential upside and a positive risk-reward skew of 2.5-to-1. Despite expected organic revenue and adjusted EBITDA growth ahead of high quality industrial compounders in 2023 and 2024, Teledyne is valued with a multiple 14% lower than this group, says UBS.
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