By Kit Norton

Shares of Agilent Technologies surged Thursday, on pace for their best daily performance in more than 20 years, after the company beat Wall Street's earnings expectations and raised its full-year outlook.

The company late Wednesday reported adjusted earnings of $1.49 a share for the quarter ended April 30, compared with $1.31 a share a year ago, and topping Wall Street's call for $1.41 a share. Revenue grew 10% to $1.83 billion, beating the analyst consensus view of $1.79 billion, according to FactSet.

The company also raised its full-year profit outlook to between $6.00 and $6.10 a share. Agilent now expects sales ranging from $7.39 billion to $7.49 billion. Analysts expected full-year earnings of $5.97 a share on revenue of $7.39 billion.

Agilent Technologies stock jumped 16% to $134.50 on Thursday, on pace for its largest daily percentage increase since Nov. 19, 2002, according to Dow Jones Market Data. Shares are also set to close higher for a sixth consecutive trading session, gaining 21% over that period.

Agilent Technologies is a leader in life sciences, diagnostics, and applied chemical markets. The company provides advanced analytical instruments, software, and laboratory services for scientists, clinicians, and researchers for the development of new pharmaceuticals and disease diagnosis.

Following the earnings report, a Bank of America analyst team, led by Michael Ryskin, on Thursday upgraded Agilent stock to a Buy rating from Neutral, but lowered their price target from $150 to $145. That new price target implies about 8% upside from current trading levels.

Ryskin wrote that the reason for the bullish upgrade was the second-quarter financials performance and the updated full-year guidance.

"Despite swirling headwinds and concerns on a few key markets, Agilent beat most metrics," Ryskin wrote.

"There were few new negative surprises to derail the momentum (despite widespread fears of chemicals slowdown)," Ryskin wrote.

"Combined with a very reasonable valuation," the analyst added. "We see Agilent as an increasingly attractive asset."

Along with the Bank of America upgrade, several firms also hiked Agilent price targets.

Barclays on Thursday raised its Agilent price target to $145 from $140 while Baird increased its price target to $158 from $156. RBC Capital also placed a $155 price target on Agilent, compared with its previous $153.

On the flip side, Wells Fargo lowered its price target to $160 from $165.

Wall Street's view of Agilent is quite bullish. Of the 22 firms polled by FactSet, Agilent has an average Overweight rating with a $162.13 price target, representing 20% upside.

Morgan Stanley analysts, led by Kallum Titchmarsh, wrote Thursday that Agilent's "solid performance in the quarter marks a welcome change of pace from recent prints."

Morgan Stanley has a $160 price target on Agilent with an Overweight rating.

"Solid execution leaves little to pick at," Titchmarsh added. "We were impressed with Agilent's fiscal second-quarter print overall, with a clean beat and raise standing out amongst a more challenging quarter for the broader life science tools space. Heading into results, investor incoming related to Agilent had been skewing more cautious."

Despite Agilent stock's big move on Thursday, shares remain down about 2% this year and are 25% below its record closing high of $179.28 from Sept. 3, 2021. Over the past 12 months, Agilent stock has gained 18%.

Write to Kit Norton at kit.norton@barrons.com

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May 28, 2026 12:12 ET (16:12 GMT)

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