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UPDATE: ISI Group Raises PT on Agilent Technologies on Mixed Factors

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In a report published Wednesday, ISI Group analyst Ross Muken reiterated a Buy rating on Agilent Technologies (NYSE: A), and raised the price target from $47.00 to $50.00.

In the report, Muken noted, “A missed 2Q revenue, driven by a worse-than-expected decline in its EMG segment, but beat on EPS due to tight discretionary spending. EMG weakness was accentuated by the loss of a large customer (we believe to be AAPL, ~$230 MM in annual revs), which caused wireless manufacturing to decline 26%, and a weaker macro caused by a high teens decline in industrial markets. The declines were partly offset by HSD growth in biopharma, and strength in core LC/MS product lines. Given the DD declines in orders, the company lowered its FY13 revenue guidance. In stark contrast to its prior stance, management held back on discretionary expenses, announced a new $50 MM restructuring program, and also increased its share repurchase program by $500 MM. These actions cushioned the EPS hit to a large extent, causing the guide to be lowered at the high end, while maintaining the low end.”

Agilent Technologies closed on Tuesday at $43.97.

Posted-In: ISI GroupAnalyst Color Price Target Analyst Ratings


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