Leerink Partners Resumes Agilent (A) at Outperform
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Leerink Partners resumes coverage on Agilent (NYSE: A) with a Outperform rating and a price target of $53.00.
Analyst Puneet Souda commented, "We view Agilent positively and believe that: (1) Agilent is still a solid margin expansion story and mid-single-digit grower in our Life Science Tools (LST) universe after it spun off Keysight (its electronic management business) in FY2014 to become a pure-play LST company; (2) Agilent is focused on delivering 22% adjusted operating margins in FY2017 – up 150bps from FY2016 levels, which we believe it will achieve if not exceed under the leadership of CEO McMullen; (3) Agilent competes aggressively in multiple markets – delivering solid double-digit growth in biopharma (27% of sales) and maintains either the #1 or #2 position across most of its other end-markets including food, environmental, and chemical/energy; and (4) as emerging markets including China continue to post double-digit growth, Agilent is positioned to capitalize given sizable exposure to these geographies."
Shares of Agilent closed at $45.94 yesterday.
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