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Investing.com - Agilent (NYSE:A) stock fell 5% to $113.08 after BofA Securities reiterated its Neutral rating and $128.00 price target on the laboratory equipment maker. According to InvestingPro data, the company maintains strong financial health with a "GOOD" overall score, while analyst targets range from $113.20 to $165.00.
The decline followed Agilent’s announcement that its fiscal third-quarter results are expected to be "within the guidance range," while affirming confidence in its long-term business outlook. The company did not provide any commentary regarding its fiscal year 2025 guidance in the press release. With a solid gross profit margin of 53.6% and a 14-year track record of consistent dividend payments, Agilent’s fundamentals remain strong despite current market concerns.
BofA Securities noted that the lack of fiscal 2025 guidance details was not unusual messaging, according to conversations with the company. Agilent emphasized that the recently announced CFO departure was for personal reasons and not related to any financial performance issues.
The research firm indicated it doesn’t see particular reason for concern about the fiscal 2025 outlook, especially since Agilent is still in the midst of its fiscal third quarter, which ends July 31. With approximately two weeks remaining in the quarter, BofA Securities estimated that Agilent has yet to see 25% or more of the quarter’s revenues.
Despite these reassurances, the sudden CFO change combined with questions about fiscal year 2025 performance continued to pressure Agilent shares, according to BofA Securities.
In other recent news, Agilent Technologies has announced the departure of CFO Bob McMahon, who will step down effective July 31 for personal reasons. Despite this leadership change, Agilent reaffirmed its fiscal third-quarter guidance, expecting revenue between $1.645-1.675 billion and earnings per share of $1.35-1.37. Citi has reiterated its Buy rating on Agilent, maintaining a $165 price target, indicating confidence in the company’s outlook. In contrast, TD Cowen has raised its price target for Agilent to $150 from $135, following the company’s fiscal second-quarter results that exceeded expectations in revenue, organic growth, and earnings per share. TD Cowen’s analyst noted Agilent’s strong performance amidst a challenging macroeconomic environment and highlighted initiatives like Project Ignite as key to the company’s strategy.
In other corporate news, TORM A/S has acquired full ownership of ME Production, a Danish engineering firm specializing in green maritime equipment. This acquisition is part of TORM’s commitment to enhancing its environmental initiatives and reducing CO₂ emissions. Meanwhile, Crawford & Company has appointed Amy Shore as an independent director, bringing her extensive leadership experience in financial services to the board. These developments reflect ongoing strategic moves by these companies to strengthen their positions and drive future growth.
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