Goldman Sachs analyst Patrick Donnelly downgraded Mettler-Toledo (MTD) to Neutral from Buy and cut his price target for the shares to $600 from $725. Heading into the Q1 earnings season, the analyst sees an attractive fundamental backdrop across Tools. He believes, however, that the favorable backdrop is well understood by investors with valuations that "remain well-above 10-year highs." The analyst is more cautious on the outlook for sales upside at Mettler given his view of a likely moderation of growth in China after a year of catch-up investment in the region. Donnelly also highlights "tough comps" in Labs and Product inspection. He coupled the downgrade with an upgrade of Agilent Technologies (A) to Buy.