Analysts are Cutting Price Targets of These 5 Stocks

In this article, we discuss the 5 stocks that analysts are cutting price targets of. If you want to read our detailed analysis of these stocks, go directly to Analysts are Cutting Price Targets of These 10 Stocks.

5. Agilent Technologies, Inc. (NYSE:A)

Number of Hedge Fund Holders: 39     

Agilent Technologies, Inc. (NYSE:A) operates in the life sciences tools and services business. It is ranked fifth on our list of 10 stocks that analysts are cutting price targets of. Although the firm delivered solid earnings in the second quarter and raised guidance numbers, it has since fallen prey to inflation fears that are hammering biotech stocks. 

Cowen analyst Dan Brennan reiterated an Outperform rating on Agilent Technologies, Inc. (NYSE:A) stock but lowered the price target to $180 from $200 on October 14. Cowen had previously raised the target on the stock in the preceding two months. 

At the end of the second quarter of 2021, 39 hedge funds in the database of Insider Monkey held stakes worth $3.8 billion in Agilent Technologies, Inc. (NYSE:A), down from 42 the preceding quarter worth $3.4 billion.

In its Q2 2021 investor letter, Pershing Square Holdings, Ltd, an asset management firm, highlighted a few stocks and Agilent Technologies, Inc. (NYSE:A) was one of them. Here is what the fund said:

“Our large commitment to UMG required that we raise cash from the sale of one of our other investments. In light of the high quality of companies in our portfolio, this was a difficult decision to make. Ultimately, we chose to sell Agilent, as its current share price approached our conservative estimate of intrinsic value. If we did not need the capital, we would not have sold the stock.

Agilent has been a highly successful investment since our original purchase nearly two years ago, compounded by our additional investment in the company in the Covid market decline last year. Agilent’s stock price has increased 2.2 times since our initial purchase as a result of the company’s acceleration in revenue growth and profi tability.10 Agilent has been a critical supplier of technology and services to labs around the world fighting the Covid pandemic. The company’s management team led by Mike McMullen deserves enormous credit for the company’s success and for its important contribution to science and the fight against Covid for which we all should be extremely grateful.”