TD Cowen lowered the firm’s price target on Teledyne to $450 from $475 and keeps a Buy rating on the shares. The firm said they posted an unexpected miss leading some to believe the story is broken while others see a de-risked guide and cheap valuation for a company with multiple businesses at or near trough and a proven track record of capital deployment. Cowen’s sense post discussions, is that the updated guide is more than simply a mark to market.
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