UPDATE: Stifel Nicolaus Increases PT to $54 on Agilent Technologies; FQ2 Beat; Guidance

Stifel Nicolaus raises its price target on Agilent Technologies

from $52 to $54 as it reiterates its Buy rating on shares. Stifel Nicolaus says, "Agilent reported F2Q12 (April) results with revenue and pro forma EPS both coming in ahead of the high end of guidance, our estimate, and consensus. Despite the better than anticipated F2Q12 revenue and earnings, management provided generally in-line guidance (slight revenue upside) and is largely maintaining its FY12 revenue and EPS outlook (outside of a lower tax rate) given ongoing macroeconomic concerns. We expect the full year outlook is likely to prove conservative with Agilent continuing to crisply execute, clearly gaining share in its core Electronic Measurement market and performing much better in Chemical Analysis, with its pharmaceutical business increasing 4% y/y relative to challenged results from peers." A closed at $38.90 on Monday.