UPDATE: Stifel Nicolaus Raises PT on Agilent Technologies Following Solid F3Q13 Report
In a report published Thursday, Stifel Nicolaus analyst Patrick Newton reiterated a Buy rating on Agilent Technologies (NYSE: A), and raised the price target from $48.00 to $52.00.
In the report, Stifel Nicolaus noted, “Agilent reported F3Q13 (July) results with revenue and pro forma EPS of $1,652 billion/$0.68, comparing positively to our and consensus estimates of $1.650/$0.62 and $1,643/$0.62, respectively. The healthy pro forma EPS beat was driven by expense controls (opex down q/q, continued manufacturing efficiency improvements), operating margin upside (19.4% vs. our 17.7% estimate), and aggressive share repurchases in the quarter. Agilent continues to experience macro challenges/headwinds, most notably EMG, environmental & forensics, and academia & government, which are generally expected to continue in F4Q13 (October). Given this backdrop, Agilent provided revenue guidance that was slightly behind our and the consensus outlook with pro forma EPS bracketing our and consensus expectations. Results and guidance led to Agilent narrowing its FY13 outlook, lowering the midpoint of revenue expectations and increasing the midpoint of its earnings outlook.”
Agilent Technologies closed on Wednesday at $46.51.
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