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UBS downgraded Agilent Technologies (NYSE:A) to neutral, citing the company’s overexposure to the Chinese market.
UBS said China’s pharma trends “remain weak” and are unlikely to improve until the latter half of 2024 at the earliest.
The investment bank also said that also expects Agilent’s “instrument heavy sales mix to be susceptible to demand normalization and budget tightening.”
UBS added that while Agilent has been able to improve its sales mix, “the confluence of certain challenges is unique and we prefer to step to the sidelines.”
The investment bank lowered its price target for Agilent to $125 from $163.
