Credit Suisse Raising Price Target On Agilent Technologies Inc. (A)

Credit Suisse is raising its price target on shares of Agilent Technologies Inc. A to $52 from $48, and is reiterating its Outperform rating on shares. In a note to clients, Credit Suisse writes, "Electronics Test Still Rules Agilent's Business Model. Investors should continue to own Agilent as long as the EMG (electronics) segment continues its cyclical strength. Agilent's FQ1 results and FY11 outlook, combined with the global IP data, suggest the company remains in the middle of a cyclical upturn in EMG. While the stock may be weak in the near-term owing to a $30m revenue hiccup in the qtr, we view this as a buying opportunity. We raise our CY11 EPS from $2.50 to $2.63 and CY12 EPS from $2.79 to $2.86, and lift our TP from $48 to $52 reflecting an 18x P/E on our CY12 EPS. With >15% potential upside, we remain Outperform." Shares of A are trading at $45.20 in pre-market trading.