Tiger Brokers

BUZZ-Teledyne expects short-term hit to new contracts; shares fall

Reuters
Oct 22
BUZZ-Teledyne expects short-term hit to new contracts; shares fall

** Shares of target detection sensors maker Teledyne TDY.N fall nearly 3.3% to about $555 in premarket

** Co cautions of a possible short-term hit to new contracts from the U.S. government shutdown

** "Given the current U.S. Government shutdown, we are a bit measured on expectations for new awards and shipments in the very near-term," said Executive Chairman Robert Mehrabian

** TDY raises its full-year adj profit per share forecast to between $21.45 and $21.60, from $21.20 to $21.50 earlier

** Co posts Q3 adj profit per share of $5.57, above estimates of $5.48 per share

** Eleven of 13 brokerages rate the stock "buy" or higher and two "hold"; their median PT is $614, according to data compiled by LSEG

** As of last close, shares up 23.6% YTD

(Reporting by Megavarshini G. Somasundaram)

((Sahil.Pandey@thomsonreuters.com;))

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