Agilent shares rise on Goldman upgrade
WASHINGTON (AP) — Shares of Agilent Technologies Inc. rose Monday after an analyst upgraded the measuring technology company's share and said it is poised to expand its business overseas.
THE SPARK: Goldman Sachs upgraded Agilent shares to "Buy," saying the company is expected to increase its market share of scientific and medical diagnostic instruments.
THE BIG PICTURE: Agilent makes electronic measurement and diagnostic machines used in medicine, chemistry and other areas of scientific research.
THE ANALYSIS: A research note from Goldman Sachs' analyst Issac Ro notes that 18 percent of Agilent's electronic measuring business comes from China. "Given the company's long-standing presence in the region, we believe the company is well positioned to be a long-term share gainer in this key growth market," Ro wrote in a note to investors.
Ro also said Agilent is positioned to gain business in the medical diagnostics market after its recent acquisition of cancer detection company Dako.
SHARE ACTION: Shares of Agilent Technologies Inc. rose $1.53, or 4.3 percent, to $37.34 in midday trading.