In a report published Monday, Cantor Fitzgerald analyst Sung Ji Nam upgraded Mettler-Toledo (NYSE: MTD) from Hold to Buy, and raised the price target from $ 205.00 to $ 252.00.
In the report, Cantor Fitzgerald noted, “Although the magnitude of the 2Q:13 beat (reported July 25, AMC) may have been disappointing compared to what investors are used to from MTD, we are encouraged by early indicators of improvement/stabilization in some of MTD’s end markets and are upgrading our rating to BUY from HOLD. Specifically, MTD reported solid growth in the Americas and saw stable demand in Europe (together representing ~68% of sales) in 2Q, with order growth exceeding revenue growth in both 1Q and 2Q this year (reversal of last year’s trends). While Asia, and particularly China (~18% of sales), remains an overhang, comps get easier next year (e.g., China declined -1% in 1Q, -11% in 2Q, and is expected to decline in the mid- to high-single digits in 3Q and stay flat in 4Q this year).”
Mettler-Toledo closed on Friday at $ 219.54.
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