Needham raised the firm’s price target on Teledyne (TDY) to $615 from $585 and keeps a Buy rating on the shares. The company’s Q3 sales rose 6.7%, above the Street expectations of 5.7% growth, while EPS was solidly above consensus, and while shares pulled back as investors apparently were looking for a stronger Q4 guide relative to consensus expectations, Teledyne’s short-cycle business is recovering, including growth in the company’s legacy DALSA/e2v businesses, the analyst tells investors in a research note.
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