UPDATE: Goldman Sachs Upgrades Agilent Technologies to Buy on Valuation, End Market Outlook
Goldman Sachs raised its rating on Agilent Technologies (NYSE: A) from Neutral to Buy with a $49 price target.
Goldman Sachs noted, "After underperforming the S&P 500 by 560bp YTD, we see an attractive risk/reward profile, strong ROIC, and attractive valuation coupled with the following catalysts: (1) trends in EM are improving and Agilent has group-leading exposure, (2) accelerating wireless capex should benefit the Electronic Measurement Group's (EMG) business, (3) Agilent should continue to gain share and improve margins in Life Sciences Group (LSG), and (4) lower expectations now create a hospitable environment for multiple expansion. Lastly, we note that Agilent is a member of the GS Sustain List and was recently featured as a leader in Healthcare on ESG, IP, and ROIC based metrics."
Agilent Technologies closed at $35.81 on Friday.
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Tags: Goldman Sachs