Wells Fargo upgrades Agilent to Overweight, raises price target to $170

As previously reported, Wells Fargo analyst Timothy Daley upgraded Agilent to Overweight from Equal Weight with a price target of $170, up from $150. The analyst reiterates a negative Pharma/Biotech outlook on late-cycle headwinds and positive Industrial/Applied outlook on secular growth tailwinds, expecting both themes to continue playing out in the first half of 2023 as the cycle rotation from peak to trough bottoms and secular growth tailwinds further materialize, respectively. He sees increasingly mixed signals from Academic/Govt as budding growth catalysts are offset by rapidly increasing political risk.