Needham analyst James Ricchiuti raised the firm’s price target on Teledyne to $498 from $472 and keeps a Buy rating on the shares after its Q4 earnings beat driven by "margin improvement across most of the business". The company also offered a solid growth outlook for 2023 despite the uncertain macro environment, the analyst tells investors in a research note. Needham added that Teledyne continues to see solid demand in the short-cycle commercial business – about 60% of its revenues – while the backlog-driven long-cycle business provides a good line of sight to the other 40%.
Published first on TheFly
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