Cowen analyst, Doug Schenkel, reiterated his Market Perform rating on shares of Agilent (NYSE: A) and raised his price target to $62 from $53 after Agilent significantly exceeded Q2 core growth, margin and EPS expectations.

Management increased 2017 guidance but the analyst thinks that it still looks very conservative, especially if Chemical / Energy continues to grow. The analyst believes Agilent can sustain 6%+ annual revenue growth for multiple years in upside scenarios, though this appears captured in the valuation as the stock approaches $60.

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Shares of Agilent closed at $56.08 yesterday.