Teleflex Inc

TFX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$544.00	Czm	Srsll

Teleflex: Fair Value Estimate Revised Upward; Outlook Strong, but Acquisitions Warrant Scrutiny

Jay Lee

Mar 18, 2024

We are refreshing our views on Teleflex and reiterating our no-moat rating. We think its portfolio is solid and can see high-single-digit operating profit growth over the next few years. However, the firm is acquisitive, and it's unclear whether any future acquisitions will be value accretive to shareholders given our analysis of its historical returns. We've raised our fair value estimate to $225 per share from $211 due to a decrease in our cost of capital assumption.

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