Agilent Technologies Shares Fall After Slower Sales From China
May 15 2019 - 12:01PM
Dow Jones News
By Patrick Thomas
Agilent Technologies Inc. (A) shares fell about 12% to $67.11
after the California manufacturer of laboratory equipment reported
slower sales of its life-sciences instruments in China.
As a result, the firm lowered its revenue forecast for the
current fiscal year to between $5.09 billion and $5.13 billion from
between $5.15 billion and $5.19 billion.
In the latest period Agilent also posted lower-than-expected
total revenue and said sales from its life sciences and applied
markets business fell 1% from a year earlier.
Despite the weaker results, some analysts remain bullish on the
company. SVB Leerink analysts said in a research note that Agilent
is undervalued compared with its peers. The analysts maintained
their "outperform" rating on the company's stock but lowered their
price target to $80 from $86.
"We view Agilent positively and believe that the company holds
the leading position in environmental, chemical, and food testing
markets around the world while maintaining a well-diversified
position across healthcare in biopharma, life science tools and
diagnostics," the SVB analysts said in the note.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
May 15, 2019 11:46 ET (15:46 GMT)
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