Teledyne initiated with an Equal Weight at Barclays

Barclays initiated coverage of Teledyne (TDY) with an Equal Weight rating and $606 price target The firm likes Teledyne’s diversification, with about 53% of FY24 sales form defensive or long-cycle markets and 47% from short-cycle sectors. The firm added, however, that it prefers names in its coverage with greater cyclical upside potential to earnings.