Mettler-Toledo upgraded to Hold from Underperform at Jefferies

Jefferies analyst Tycho Peterson upgraded Mettler-Toledo (MTD) to Hold from Underperform with a price target of $1,100, down from $1,200. The firm says its prior sell thesis was largely predicated on the stock’s valuation, which has come in meaningfully since last June. While Mettler-Toledo’s lack of exposure to bioprocessing and instrument recovery trades remains, and the “macro environment clouds likely need to abate however,” the stock’s valuation is “finding a floor, and meaningful downside to numbers is unlikely,” the analyst tells investors in a research note.