UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on Agilent Technologies on Balanced Risk-Reward

In a report published Tuesday, Morgan Stanley analyst Steve Beuchaw reiterated an Equal-Weight rating on

, but lowered the price target from $62.00 to $59.00. In the report, Morgan Stanley noted, “Lowering Agilent price target to $59 from $62 to reflect peer multiples and macro slowing. Expect volatile when-issued trading starting on 10/20 given lack of consensus on Keysight valuation. For Agilent, our SoP analysis implies current valuation of $51 (10x '15 EBITDA) and 12-month PT of $59.” Agilent Technologies closed on Monday at $52.79.