Mettler-Toledo Reports Exceptional 3Q

JP Morgan has published a research report on Mettler-Toledo International (NYSE: MTD) after the company reported exceptional 3Q results.

In the report, JP Morgan writes "with revenues of $490M, +14% LC, exceeding both our $469M, +6.0% est., and consensus ($457M), while 52.2% GMs (+54 bps y/y) and 16.7% OMs drove $1.71 adj. EPS, which also beat JPMe and Consensus. With stable end market demand in the U.S./EU and emerging markets (i.e. China) delivering 20+% growth, MTD raised 2010 guidance, which calls for 10-11% LC growth (vs. 8-9% LC prior) and adj. EPS of $6.62-6.67 (vs. $6.35-6.45 prior). We maintain our Overweight rating and establish a Dec. 2011 price target of $148, which is based on a 20x multiple to our revised 2011 EPS est. of $7.38, a premium to life science tool and industrial comps, but one we view as warranted, given the track record of execution and above average growth rate."

JP Morgan maintains its Overweight rating and has raised the price target from $128 to $148.

Mettler-Toledo closed yesterday at $136.22.