MTD - Mettler-Toledo cut to Sell at Goldman Sachs over 'headwinds' in 2022

Mettler-Toledo International (MTD -2.2%) was downgraded by Goldman Sachs to Sell from Neutral with a $1,240 price target, representing 10% downside. Analyst Matthew Sykes said that given the company's industrial exposure and growth mix skewed towards price, he has concerns over headwinds it may face this year. Earlier in the day it was reported that BofA highlighted several companies, which included Mettler-Toledo that could potentially think of a stock split. The chart below shows 6-month total return performance of Mettler-Toledo and its peers, West Pharmaceutical Services, Agilent Technologies and PerkinElmer. Sykes added that given the macro uncertainty and inflation pressures potentially outpacing the ability to offset through pricing, he is more cautious on a relative basis on Mettler-Toledo relative to peers. The analyst sees these headwinds compressing the stock's multiple.

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Mettler-Toledo cut to Sell at Goldman Sachs over 'headwinds' in 2022