UPDATE: J.P. Morgan Raises PT on Agilent Technologies to $63

J.P. Morgan is out with its report today on Agilent Technologies

, raising its PT from $59 to $63. In a note to clients, J.P. Morgan writes, "We are assuming lead analyst coverage of Agilent Technologies, maintaining an Overweight rating and increasing the Dec. 2011 price target from $59 to $63. Despite macro-related concerns around the EMG business (e.g. industrials, CPUs, semiconductors, as well as aerospace/defense budget spending) following recent commentary from several IT/semiconductor companies, we believe that Agilent's EMG backlog, coupled with momentum in the LSG and CAG divisions will continue to drive strong top-line performance for the remainder of 2011 and 2012." Shares of A closed Thursday at $47.33