UPDATE: Citigroup Initiates Agilent Technologies with Buy, $46 PT on Favorable Outlook

Citigroup initiates its coverage on Agilent Technologies

with a Buy rating and a price target of $46. Citigroup notes, "A spin-off of HP Technologies in 1999, Agilent is a market leader in many of its key platforms in electronic measurement, chemical analysis, and the life sciences with a total addressable market size of $45B. We expect future revenue growth of 5-6% with EPS growth of 10-11% through F2014, and we believe Agilent's shifting focus to the life sciences, increasing emerging market exposure, margin expansion opportunities, and strong cash management objectives will lead to stock outperformance, and as such we are initiating coverage with a Buy rating and $46 target." A closed at $39.35 on Thursday.