Stifel initiated coverage of Teledyne (TDY) with a Buy rating and $626 price target as part of a broader research note on Defense names. The firm is positive on the company’s advanced technology portfolio, substantial backlog increase across the business, margin expansion, and strong positioning in new defense, the analyst tells investors in a research note. Teledyne’s $710M acquisition of select defense electronics businesses from Excelitas was also “very well-timed”, the firm added.
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