12:35 PM EDT, 05/10/2024 (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 up our target to $1,395 from $1,235, 32x our '25 EPS view, above MTD's 10-year historical forward average P/E. We up our '24 EPS view to $39.97 from $38.70 and '25's to $43.63 from $43.39. Q1 EPS of $8.89 vs. $8.69, up 2% Y/Y, beat estimates, $1.24 above the consensus and $1.34 above our estimate, due to a higher-than-expected top line and slightly improved gross margin (+30 bps). Q1 net sales, -0.3% Y/Y, came in $46M above consensus and $57M above our forecast, as sales growth in Europe (+8% Y/Y) and the U.S. (+3% Y/Y) were higher than expected, counterbalancing the 12% Y/Y decline in Asia/Rest of the World due to weak demand conditions in China. MTD also pointed out that Q1 sales benefited from delayed shipments recovery vs. Q4 23. MTD continues to have a cautious outlook in Q2, as it expects a 20% Y/Y drop in China sales and a 4% Y/Y top-line sales decline in local currency. We are seeing a positive reaction to Q1 results, but remain at Hold due to the ongoing uncertainty regarding demand conditions.