Teledyne price target lowered to $430 from $500 at BofA

BofA lowered the firm’s price target on Teledyne to $430 from $500 and keeps a Buy rating on the shares. Looking forward to 2024, the firm sees Digital Imaging, or DI, remaining challenged with semiconductor, automation, and sensor end-markets continuing to lose steam. While the firm expects other end markets, as well as cost reductions efforts, to insulate margins, “DI’s underperformance so far doesn’t give much confidence in an early 2024 turnaround in the segment,” the analyst tells investors.