Keysight Technologies Inc "AI Acceleration Across the Business" (Buy) Spinola

研报英文原文证据摘录

Keysight Technologies Inc "AI Acceleration Across the Business" (Buy) Spinola

Global Research

19 May 2026ab

Keysight Technologies Inc Equities

United StatesAI Acceleration Across the Business

Electric Components & Equipment

12-month rating Buy

Summary

Keysight reported another strong quarter driven largely by further acceleration in the 12m price target US$420.00

AI business, but also surprising breadth with A&D, Wireless, and EISG all growing over Prior : US$340.00

DD organically, due to organic segment demand but also underappreciated pockets of

Price (19 May 2026) US$344.11

AI demand in areas like PCBs, connectors and all things Data Center. Margins were also

up significantly (300bps GM / 400bps OM yoy) and the business is moving towards RIC: KEYS.N BBG: KEYS US

30% op margin well earlier than we expected. We are raising our estimates

Trading data and key metrics

meaningfully to better reflect the stronger AI demand we expect through F28E, as well

52-wk range US$366.68-157.04

as the better results in A&D and EISG, but we continue to believe that there is EPS upside

versus consensus as revenue growth continues and the $100M of acquisition synergies Market cap. US$58.8b

are recognized over the next year. We are raising our F26/F27/F28E EPS to $10.11/ Shares o/s 171m (COM)

$12.61/$14.50 from prior $9.01/$10.48/$11.66. We reiterate our Buy and continue to Free float 99%

believe that the market has been slow to recognise the EPS upside potential from the Avg. daily volume ('000) 420

return to growth and synergies after several years of flat to down growth and margin. Avg. daily value (m) US$128.6

Our new PT is $420, which is an unchanged 29x our new F28E EPS of $14.50. Common s/h equity (10/26E) US$6.80b

P/BV (10/26E) 8.6x

FQ2 Highlights: Net debt to EBITDA (10/26E) 0.0x