Teledyne price target raised to $600 from $550 at BofA

BofA analyst Ronald Epstein raised the firm’s price target on Teledyne (TDY) to $600 from $550 and keeps a Buy rating on the shares. Coming off a short-cycle trough and building momentum as the recovery phase begins, the firm sees the cost takeout initiatives implemented in Digital Imaging providing significant margin opportunity and continues to view Teledyne as “a structurally leaner and better business,” the analyst tells investors. The firm is bullish on the return to growth and capacity for M&A, paired with strong long-cycle markets, the analyst added.