Teledyne price target raised to $550 from $500 at TD Cowen

TD Cowen raised the firm’s price target on Teledyne (TDY) to $550 from $500 and keeps a Buy rating on the shares. The firm updated its model and estimates which assumes Excelitas closes at the end of 1Q. They continue to see an exciting blend of visibility, cyclical recovery, and alignment with government priorities including space, unmanned, and missile defens at a reasonable multiple.