Keysight Technologies F2Q26 Review: Order Momentum Provides Visibility into Another Step-Up in Revenue Acceleration; Raise EPS and PT

研报英文原文证据摘录

Keysight Technologies F2Q26 Review: Order Momentum Provides Visibility into Another Step-Up in Revenue Acceleration; Raise EPS and PT

J P M O R G A N North America Equity Research

20 May 2026

Keysight Technologies

F2Q26 Review: Order Momentum Provides Visibility Overweight

into Another Step-Up in Revenue Acceleration; Raise KEYS, KEYS US

EPS and PT Price (20 May 26):$342.08

▲Price Target (Dec-26):$390.00

Prior (Dec-26):$360.00

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Keysight’s results provided further evidence of the demand drivers for test &

Marc Vitenzon

measurement companies, which forms the basis of the bull-case for investors on (1-212) 622-3342

the shares, and will reinforce the revenue and earnings growth acceleration to marc.vitenzon@jpmchase.com

justify the premium valuation for the shares relative to its historical valuation Manmohanpreet Singh

multiple. Robust demand across wireline, wireless, semiconductor, aerospace & (1-212) 622-4527

defense, as well as in relation to satellite communication, is further helped by the manmohanpreet.singh@jpmchase.com

recovery in demand in general electronics and automotive – all of which are Akanksh Chauhan

combining together to drive an acceleration in Orders relative to the typical pace (1-212) 622-0045

of Order growth supporting the long-term outlook. Orders were the primary akanksh.chauhan@jpmorgan.com

surprise in the quarter, accelerating to $2.05 bn in F2Q vs. $1.64 bn in F1Q, J.P. Morgan Securities LLC

marking an increase of 25% q/q relative to typical seasonality of an increase of

closer to mid-single-digit q/q growth. Book-to-bill of 1.19x also represents the Key Changes (FYE Oct)