Bank of America Reiterates Buy, $45 PT on Agilent Technologies
In a research note, Bank of America reiterates its Buy rating and $45 price target on Agilent Technologies (NYSE: A) on upside Q4 and better-than-expected guidance for fiscal 2012.
According to BofA, “Total non-GAAP revenues were $1,731mn (+9.3% y/y; 2.6% F/X, 7% organic), below the Street's $1,752mn forecast and company guidance of $1,740-$1,760mn chiefly on F/X, although organic growth was short of our 9-10% forecast. NonGAAP gross margin was up 70bp q/q to 55.1%, as Varian synergies began to manifest. Despite lower revenues, non-GAAP EBIT margin was up 250 bp y/y to 21.6% (vs. our 20.3% estimate) due to decreased fixed costs and cost-control measures. Non-GAAP EPS were $0.84, which was above our / Street's $0.81 estimate and company guidance of $0.79-0.81.”
A closed up 1.86 percent at $38.25 per share on Tuesday.
