是德科技（KEYS.N）：因FY27强劲布局上调目标价至400美元

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19 Aug 2026 00:48:57 ET │ 13 pages

Keysight Technologies (KEYS.N)

Raising TP to $400 on Strong FY27 Set-Up

CITI'S TAKE

KEYS’s Jul-Q results exceeded expectations as AI demand intensifies, and

momentum continues across the business. Accelerating, double-digit

growth in all segments and a 2nd consecutive quarter of record >$2B in

orders are supporting >30% outlook for FY26 sales growth. With a funnel

that continues to build and more long-term visibility from customers,

management believes demand is sustainable in FY27. In addition, higher

volumes, acquisition synergies, and portfolio rationalization, are driving

higher, durable levels of profitability. We raise our FY26/27/28 EPS by

13%/13%/14% on higher sales outlook and stronger margins. Our new $400

TP reflects a 28x multiple, vs 35x prior, of FY28 EPS to reflect KEYS 1-year

average and lower market multiples. Maintain Buy.

n

Buy

Price (18 Aug 26 16:00)

US$341.00

Target price

US$400.00↑

from US$396.00

Expected share price return

17.3%

Expected dividend yield

0.0%

Expected total return

17.3%

Market Cap

US$58,072M

Price Performance

(RIC: KEYS.N, BB: KEYS US)

Atif Malik AC

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

1.82A

1.71A

1.72A

1.91A

7.16A

2026E

2.17A

2.87A

3.07A

3.37E

11.49E

10.36E

11.48E

Previous

2.17A

2.87A

2.48E

2.68E

10.20E

na

2027E

2.82E

2.90E

3.35E

3.69E

12.77E

12.04E

14.55E

Previous

2.62E

2.83E

3.01E

11.28E

na

2028E

3.15E

3.25E

3.70E

4.01E

14.04E

13.81E

16.72E

Previous

2.87E

3.11E

3.07E

3.25E

12.31E

na

Adrienne Colby

Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.

Click here for Visible Alpha consensus data