Agilent Technologies (A) is a broad-based OEM of test and measurement equipment. October quarter results beat the Zacks Consensus Estimates on both the top and bottom lines.

Agilent generates very stable gross margins, and recent restructuring actions should also improve operating margins. The company’s leadership position, history of innovation, acquisition strategy and position in China are other positive factors. Although the EM segment has been severely hit by the recession, there was a marked improvement in the last quarter.

Although the debt load is considerable and liquidity appears to be limited, we are optimistic about the turnaround in its business. Consequently, we are upgrading Agilent shares to Outperform.

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