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Research Alert: CFRA Raises View On Shares Of Mettler-toledo International To Hold From Sell

· 02/04/2021 20:07

01:05 AM EST, 02/05/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our view on shares of MTD to Hold from Sell following better than expected top- and bottom-line Q4 results. Yet, we remain skeptical about the recovery's sustainability, given the fast-changing dynamics in the global operating environment due to the Covid-19 pandemic. We continue to think the shares are overvalued, testing new all-time highs and trading at a robust premium. We keep our target at $1,050, 34.4x our 2022 EPS estimate, above MTD's historical forward P/E average of 28.3x. We lift our 2021 EPS estimate by $2.20 to $29.21, which stands at the lower end of the raised guidance range. We lift our 2022 EPS estimate by $0.60 to $30.48. Q4 adjusted EPS of $9.26 vs. $7.78 (+19% Y/Y) came $0.50 higher than the S&P Capital IQ consensus estimate and $0.56 above ours. MTD recorded top-line revenue of $938M in Q4 (+11% Y/Y), $37M above consensus and $43M above our estimate, driven particularly by much stronger than expected sales performance in the core Laboratory business and geographically in China.