5 Beaten Down Stocks Billionaires Are Crazy About

4. Mettler-Toledo International Inc. (NYSE:MTD)

Number of Billionaire Holders: 16

Mettler-Toledo International Inc. (NYSE:MTD) is a global manufacturer and marketer of precision instruments for use in laboratory, industrial and food retailing applications. Its products are sold in more than 140 countries and has a direct presence in approximately 40 countries.

On November 9, Mettler-Toledo International Inc. (NYSE:MTD) released its financial results for the third quarter of 2023. Its revenue declined by 4% y-o-y to $942 million and net income declined by 9% y-o-y to $202 million. The normalized EPS of $9.80 was $0.07 below the consensus estimates.

Following the earnings release, Wells Fargo analyst Timothy Daley lowered the firm’s price target on Mettler-Toledo International Inc. (NYSE:MTD) shares to $1300 from $1520 and maintained an ‘Overweight’ rating.

In its Baron Health Care Fund Q3 2023 investor letter, Baron Funds, an investment management company, made the following comments about Mettler-Toledo International Inc. (NYSE:MTD):

“Mettler’s stock declined in response to disappointing second quarter financial results and lowered 2023 guidance. Management noted market conditions in China have worsened considerably, particularly among biopharmaceutical customers who are delaying investment decisions as they wait for government stimulus. Management also stated that global manufacturing Purchasing Managers’ Indexes have continued to trend lower. We think these headwinds are temporary and continue to believe Mettler has a solid long-term outlook.”