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M

Idea

August 19, 2026 04:01 AM GMT

Keysight Technologies Inc | North America

Morgan Stanley & Co. LLC

Meta A Marshall

Equity Analyst

Proving Out Our OW Thesis

Antonio Jaramillo

Research Associate

What’s Changed

Keysight Technologies Inc (KEYS.N)

From

To

Price Target

$400.00

$425.00

AlphaSignals Earnings Reaction

Strengthens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Keysight Technologies Inc (KEYS.N, KEYS UN)

Telecom & Networking Equipment | United States of

America

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

ModelWare EPS ($)

P/E

Div yld (%)

EPS ($)**

Key Takeaways

Quarterly EPS ($)

driving Commercial Comms +56%, while F4Q guide landed at the high end of

expects

AI test intensity is broadening across 800G/1.6T, SiPh and NPO/CPO, supporting

Overweight

In-Line

$425.00

$341.00

$58,752

$374.75-153.00

10/25 10/26e 10/27e 10/28e

KEYS delivered modest upside to our F3Q bogeys, with AI-driven

test intensity, share gains and operating leverage reinforcing our

OW thesis. Supply remains the key constraint, but demand and

pipeline support continued outsized growth into FY27.

F3Q revenue / orders were in-line with preview, with wireline orders >2x y/y

5.34

34.3

0.0

7.17

8.87

38.5

0.0

11.45

10.96

31.1

0.0

13.33

12.21

27.9

0.0

14.30

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Quarter

2025

Q1

Q2

Q3

Q4

1.83

1.71

1.72

1.91

2026e 2026e

Prior Current

2.73

2.17a

2.87a

3.07a

3.34

2027e 2027e

Prior Current

2.77

3.01

2.95

3.30

3.07

3.24

3.37

3.64

e = Morgan Stanley Research estimates, a = Actual Company reported data

growth across R&D and production

Supply remains the key limiter to faster revenue conversion, while 66% core

incrementals and faster synergies support earnings leverage

Remain OW KEYS as our preferred lower-volatility, architecture-agnostic AI play;

PT to $425

…