Teledyne Tech Sees Shares Double
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Aerospace and electronics firm Teledyne Technologies Inc. (TDY) is learning about a new kind of momentum.
Shares of the Los Angeles company have almost doubled in the last three sessions on the New York Stock Exchange, jumping $7.63 to $26 on Tuesday alone. The only major news was a report Friday from Banc of America Securities analyst James Samuels, who raised his price target to $25 from $15, a company spokesman said.
The gains, which have come on volume spikes, appear to be due in part to momentum investors climbing aboard. With many tech stocks weak the last two days, the fast-money crowd may be looking to lesser-known names for action.
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