Ahead of the Bell: Teledyne Technologies

A Jefferies & Co. analyst downgraded aerospace and energy contractor Teledyne Technologies Inc. Monday, saying the shares are fully valued.

Jefferies analyst Howard A. Rubel lowered his rating to "Hold" from "Buy," noting that the company's strong second-quarter profit reported Thursday helped the stock climb 17 percent.

Rubel said the stock rose above his earlier $63 price target and is in line with his new target of $65. Shares of Teledyne finished Friday's trading at $65.17.

He thinks the company's "key end markets and operations remain solid" and thinks "leadership will continue to manage the company effectively."

Meanwhile, "the shares are likely to trade in a narrow band for a while, but seem unlikely to appreciate 15 percent or greater over the next 12 months," he said.

Additionally, following the company's increased 2008 earnings-per-share outlook _ Teledyne expects $3.20 to $3.25 compared with an earlier estimate of $2.98 to $3.06 _ he also raised his 2008 earnings-per-share estimate to $3.30 from $3.10.