Agilent Technologies: Resuming Coverage Post-Biocare; Highlighting Bull/Bear Debate and Model Update

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Agilent Technologies: Resuming Coverage Post-Biocare; Highlighting Bull/Bear Debate and Model Update

USA | Life Science Tools & Diagnostics

Agilent Technologies EquityJulyResearch8, 2026

RATING | TARGET | ESTIMATE CHANGEResuming Coverage Post-Biocare; Highlighting

RATING HOLD (RESTRICTED)Bull/Bear Debate and Model Update

PRICE $131.14^

We are publishing our updated Agilent model post the Biocare close on 6/25.

Specifically, we forecast modest accretion to revenues and adj. OPM from the PRICE TARGET | % TO PT $135.00 (NA) | +3%

deal and slight dilution to EPS. Our Hold rating assumes a $135 PT (17x '26E EV/ 52W HIGH-LOW $160.27 - $108.35

EBITDA). Separately, we highlight the bull/bear debate into 2H26 and 2027, with FLOAT (%) | ADV MM (USD) 99.5% | 343.10

bulls highlighting less noise, unique growth drivers and a healthy replacement MARKET CAP $37.1B

cycle while bears point to CAM and NASD as not being fully de-risked. TICKER A ^Prior trading day's closing price unless otherwise

noted.

Biocare deal closes; resuming coverage and updating model. Following completion of the Biocare

Medical deal ($950M) last month, we are publishing a revised model to account for the anticipated

FY (Oct) CHANGE TO JEFe JEF vs CONS

impact starting in fiscal 3Q26 (i.e. modestly accretive to revenues and OPM, dilutive to EPS). For

2026 2027 2026 2027

FY26, we now forecast $7.5B in revenues and $6.08 EPS, with +5% organic in both 3Q and 4Q.

REV +1% +2% NA NA

Bull/bear debate... Bulls: 1) less noise: 2Q26 earnings was a turning point, as CAM (+8%) bucked EPS +100% +100% NM NM

soft end-market signals from MTD and Agilent, aided by the Ignite program (pricing also +50 bps)

finally pieced together a solid beat down the P&L (GMs and OPMs +80 bps above) after a string of 2026 ($) Q1A Q2A Q3 Q4 FY