Jefferies Raises Price Target on Agilent Technologies (A) Following 2Q Beat and Raise
Jefferies reiterated a Buy rating on Agilent Technologies (NYSE: A), and raised the price target to $51.00 (from $46.00), following the company's 2Q earnings report. Agilent reported an EPS of $0.44, $0.05 above consensus estimates. Management raised the mid-point of its FY16 EPS outlook by ~6c (to $1.90) to account for more favorable FX and better execution.
Analyst Brandon Couillard commented, "2Q16 EPS of $0.44 was $0.05 above consensus on stronger core rev. growth (+8% vs. +4%E) & profitability. A raised its FY16 EPS outlook by ~3%, but the magnitude of its FCF hike (+18%) was more inspirational. On greater confidence in its FY17 trajectory, multiple expansion appears justified. Maintain Buy / PT moves to $51 (from $46 on higher FCF)."
For an analyst ratings summary and ratings history on Agilent click here. For more ratings news on Agilent click here.
Shares of Agilent closed at $42.94 yesterday.