The bank upgraded the industrial conglomerate to buy from neutral on Monday, with a $495 per share price target.
Teledyne Technologies is one company investors can rely on amid an uncertain economic environment, according to Goldman Sachs. The bank upgraded the industrial conglomerate, whose products range from digital imaging sensors to aviation electronics, to buy from neutral on Monday, with a $495 per share price target. Goldman Sachs' forecast implies 29% upside from Friday's $383.39 close.
Another catalyst that will drive higher earnings and cash flow is Teledyne's M & A efforts, the analyst said. Since 2004, Teledyne has made over 50 acquisitions, mostly in technology-related and higher-margin businesses, that have driven the company's earnings power. Its largest deal was in May 2021, when Teledyne acquired thermal imaging camera maker FLIR Systems for $8.2 billion. Shares of Teledyne are up 4% in early trading Monday. The stock is unchanged in 2023 after falling 8.
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