When putting together your watch list, focus on stocks with an 80 or higher RS Rating. Teledyne Technologies just met that criteria with a new score of 84.
IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks matches up against the rest of the market.
Over 100 years of market history reveals that the best stocks typically have an RS Rating north of 80 as they launch their biggest climbs.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock is able to establish and enter a buying range in heavy trade.
In terms of fundamentals, the company has posted two quarters of increasing earnings growth. Sales growth has also increased over the same time frame.
The company earns the No. 15 rank among its peers in the Aerospace/Defense industry group. Embraer ADR, Howmet Aerospace and Elbit Systems are among the top 5 highly rated stocks within the group.
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