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Agilent Technologies (A ): Reiterates 3 STARS (hold)
Analyst: Megan Graham-Hackett
Update: Agilent's July-quarter earnings per share of 28 cents, vs. 30 cents met our estimate. But revenue was 4% shy of our model and we are cutting our fiscal year 2005 (October) EPS estimate by 3 cents to $1.04. We view Agilent's plan to sell its semiconductor unit to Kohlberg Kravis and Silver Lake Partners for $2.66 billion as positive, and have long felt Agilent would benefit from a less diversified product portfolio. We are upping our 12-month target price to $32 from $27, based on our revised price/sales analysis, since we think better focus and growth prospects warrant a wider multiple, and see Agilent's $4 billion share buyback plan reducing share count.
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