Mettler-Toledo Earnings: Stronger Start to 2024, but Demand Softness Still Weighing on Growth

Narrow-moat Mettler-Toledo posted first-quarter results that were better than anticipated, despite the weaker conditions that persisted across the business. The solid start to the year suggests that normalization could be coming soon, and this leads us to maintain our $880 fair value estimate after confirming that our 2024 and longer-term forecasts appear intact. Shares still look overvalued, especially after the stock rose on these strong results.