Teledyne price target lowered to $470 from $498 at Needham

Needham analyst James Ricchiuti lowered the firm’s price target on Teledyne to $470 from $498 but keeps a Buy rating on the shares. The company’s Q1 results were "solid" with stable demand and margins, but its earnings guidance was below consensus, the analyst tells investors in a research note. Needham adds however that broad Teledyne’s portfolio of businesses, proven track record particularly during uncertain economic periods and strong balance sheet should provide support to the stock at current levels.