Agilent Technologies (A) is "well positioned" to accelerate its sales growth to at least 6% in fiscal 2027 and beyond driven by various growth vectors, UBS said in a Tuesday report.

Recent launches of liquid chromatography and mass spectrometry instruments for pharmaceutical labs as well as increasing demand in China and the company's Nucleic Acid Solutions Division are expected to "provide idiosyncratic growth," the analysts said.

Agilent's exposure to China and oligonucleotide therapeutics is seen as underappreciated and could boost growth and valuation multiples, the report said.

The investment firm upgraded Agilent to buy from neutral and raised its price target to $170 from $130.

Shares of the company were up 2.7% in recent Wednesday trading.

Price: 142.27, Change: +3.71, Percent Change: +2.68