On July 21, Keysight Technologies rose 3.3% in regular trading, trading at $325.19/share, with turnover of $57.51 million. The rally was driven by a wave of Wall Street price target upgrades converging around the $400 level.

JPMorgan raised its price target from $390 to $400 while maintaining an Overweight rating. Prior to that, Morgan Stanley upgraded the stock from Equal-weight to Overweight, lifting its target from $350 to $400, citing the company's architecture-agnostic AI infrastructure testing capabilities as a key beneficiary of the AI spending wave. The current analyst consensus target price stands at approximately $399, implying more than 20% upside from the current share price.

Morgan Stanley noted that over 50% of Keysight's revenue comes from R&D and lab use cases, and the proliferation of different AI architectures raises test intensity while widening customer programs. The firm also highlighted the company's lower volatility compared to pure-play AI names, given diversified exposure to aerospace and defense, semiconductor test, and wireless communications.

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