Agilent Technologies F2Q26 Recap: Strong Continuation of Replacement Cycle Dynamics Alongside +HSD CAM Growth; Remain Overweight

研报英文原文证据摘录

Agilent Technologies F2Q26 Recap: Strong Continuation of Replacement Cycle Dynamics Alongside +HSD CAM Growth; Remain Overweight

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

27 May 2026

Agilent Technologies

F2Q26 Recap: Strong Continuation of Replacement Overweight

Cycle Dynamics Alongside +HSD CAM Growth; A, A US

Remain Overweight Price (27 May 26):$115.84

Price Target (Dec-26):$180.00

Agilent’s (A) F2Q print landed solidly above the Street on core growth and adj. EPS Life Science Tools & Diagnostics

ACdriven by broad-based strength including replacement cycle momentum in LC & Casey Woodring

LC/MS (+LDD growth), +LDD growth in GC and +DD growth in cancer (1-212) 622-9074

diagnostics, which was partially offset by softness in Food due to funding delays casey.woodring@jpmchase.com

in China and India along with continued (but stable) weakness in A&G. Coming Marta Nazarovets Zaremba

into the quarter, while WAT’s quarter and commentary were a positive read- (1-212) 622-6046

through, the company’s Chem. & Advanced Materials received outsized investor marta.zaremba@jpmchase.com

attention after MTD flagged delayed customer investment in European chemicals Jaden Rismay

(see our note). Conversely, while chemicals grew less than advanced materials at (1-212) 622-8479

jaden.rismay@jpmchase.com

+single digits versus the latter in the +DD range (per our follow up), Agilent

Sebastian Sandlersounded upbeat about U.S. chemicals trends and didn’t flag any outsized softness

(1-212) 622-8464

in Europe. We’d note that U.S. chemical strength is consistent with industry data sebastian.sandler@jpmchase.com

from the American Chemistry Council (see here) which points to an uptick in J.P. Morgan Securities LLC

capital spending in 1Q26 as well as six months ahead, per the 1Q Chemical