Agilent Technologies Inc. (A): Key Takeaways from In-Person NDR; AI Lab Buildouts, Reshoring, and China

On Tuesday 9/22, we hosted an in-person NDR for investors in Paris with Agilent's VP of investor relations. The Agilent message remains consistent in that the company should continue to benefit in 2027 from both the LC and GC replacement cycles and reshoring trends. The company also discussed their exposure to AI Lab Buildouts, highlighting their automation and service capabilities, and the recent market improvements observed in China. Key takeaways include Agilent's positioning in automated lab solutions for Pharma AI investments, China's 3Q26 strength driving an upward revision to full-year China guidance, and continued confidence in Pharma reshoring orders materializing in orders and revenues through 2027-2030. We are Buy rated on A, with valuation based on a target EV/EBITDA multiple;