UPDATE: Citigroup Raises PT to $51 on Agilent Technologies as Valuation Moves to 2013 Base

Citigroup reiterated its Buy rating on Agilent Technologies A and raised its price target from $46 to $51 as it shifts its valuation base to 2013 EPS expectations. Citigroup commented, "Shares have underperformed peers over the past 2 weeks (-4.2% vs. group at -1.6%) and short interest is higher than the prior month (1.8 vs. 1.2) and roughly in-line with the 3-month average (1.7). We believe Agilent will miss Street estimates on revenue (similar to GE and DHR) but will report an in-line EPS result due to the multiple levers management has to control costs. Near-term investor appetite for the stock though will still be limited give the macro overhangs." Agilent Technologies closed at $37.56 on Friday.