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Teledyne Technologies Incorporated (TDY), headquartered in Thousand Oaks, California, is a leading provider of sophisticated instrumentation. With a market cap of $21.7 billion, the company provides aerospace and defense electronics, digital imaging products and software, monitoring instrumentation for marine and environmental applications, harsh environment interconnect products, and subsystems for satellite communications.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and TDY fits right into that category with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the scientific & technical instruments industry. TDY's diversified product portfolio through strategic acquisition effectively enhances its technological capabilities and market reach. The company’s innovation and investment in R&D, global presence, and long-term contracts has enabled it to maintain a competitive edge over its peers.
Despite its notable strength, TDY slipped 5.5% from its 52-week high of $492, achieved on Nov. 8. Over the past three months, TDY stock gained 6.5%, outperforming the S&P 500 Index’s ($SPX) 2.7% gains during the same time frame.
In the longer term, shares of TDY rose 4.2% on a YTD basis and climbed 8.4% over the past 52 weeks, underperforming SPX’s 23% gains on a YTD basis and over the last year.
To confirm the bullish trend, TDY has been trading above its 200-day moving average since late July, with slight fluctuations. However, the stock is trading below its 50-day moving average recently.
On Oct. 23, TDY shares closed up by 6% after reporting its Q3 results. Its revenue of $1.44 billion, beat Wall Street forecasts of $1.42 billion. The company’s adjusted EPS was $5.10, surpassing analyst estimates of $4.97. TDY expects full-year adjusted EPS to be between $19.35 and $19.45.
In the competitive arena of scientific & technical instruments, Keysight Technologies, Inc. (KEYS) shares lagged behind the stock, with marginal gains on a YTD basis and over the past 52 weeks.
Wall Street analysts are bullish on TDY’s prospects. The stock has a consensus “Strong Buy” rating from the nine analysts covering it, and the mean price target of $540.78 suggests a potential upside of 16.3% from current price levels.
