Shares of Mettler-Toledo International Inc. (NYSE: MTD), a leading provider of precision instruments, plummeted by 7.71% on November 8, 2024, as the company faced multiple challenges that raised concerns among investors.
One of the key factors contributing to the stock's decline was the company's weak performance in the Chinese market. According to Mettler-Toledo's latest financial filing, its sales in China fell by 15% in local currency for the nine months ended September 30, 2024. This significant drop in demand across product categories in a crucial market sparked worries about the company's growth prospects.
Furthermore, several analysts lowered their price targets for Mettler-Toledo stock, reflecting concerns about the company's future performance. Notably, Goldman Sachs analyst Matthew Sykes reduced the firm's price target on Mettler-Toledo to $1,315 from $1,330, while maintaining a Neutral rating. Evercore ISI also adjusted its price target downwards to $1,375 from $1,450, although the firm maintained an average hold rating on the stock.
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