Needham names Teledyne (TDY) the firm’s Top Pick for 2024 and adds the stock to the firm’s Conviction List, replacing MKS Instruments (MKSI). The firm also raised its price target on Teledyne to $522 from $455 and keeps a Buy rating on the shares. The company has had a lackluster performance of the shares in 2023 despite having beaten quarterly consensus earnings expectations throughout the year while building on a track record of topping EPS expectations that goes back over five years, the analyst tells investors in a research note. Needham further notes that Teledyne benefits from a healthy backlog and durable business model over the economic cycle, adding that the company’s strong financial position is also providing “added resiliency”.
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