UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Agilent Technologies Following F2Q13 Results

In a report published Wednesday, Stifel Nicolaus analyst Patrick Newton reiterated a Buy rating on Agilent Technologies

, and raised the price target from $46.00 to $48.00. In the report, Newton noted, “Agilent reported F2Q13 (April) results with revenue slightly below the low end of guidance and pro forma EPS exceeding the high end of guidance as expense controls and better than expected GM% more than offset lower than expected sales. With the expectation of continued macro challenges, F3Q13 (July) revenue and pro forma EPS guidance was behind our and the consensus outlook, resulting in Agilent once again reducing its FY13 outlook. Given tepid peer commentary across most end markets, our analysis indicates investors were generally expecting soft results/guidance. Given that sentiment heading into the print, our research indicates revenue pressures are likely to be largely overlooked in the intermediate term as Agilent continues to streamline operations, announced a new targeted restructuring program ($50 million in annual savings), and increased its buyback to $1 billion (previously $500 million).” Agilent Technologies closed on Tuesday at $43.97.