FDA Approves Agilent's PD-L1 Testing for KEYTRUDA Treatment

As previously reported, Evercore ISI upgraded Agilent (A) to Outperform from In Line with a price target of $160, up from $155, upgraded Azenta (AZTA) to Outperform from In Line with a price target of $50, up from $34, upgraded iRhythm (IRTC) to Outperform from In Line with a price target of $210, up from $194, and upgraded Zimmer Biomet (ZBH) to Outperform from In Line with a price target of $120, up from $94, as part of a look-ahead note for the MedTech and Life Science Tools group. Conversely, the analyst downgraded Avantor (AVTR) to In Line from Outperform with a price target of $12, down from $14, downgraded Bausch + Lomb (BLCO) to In Line from Outperform with an unchanged price target of $18, downgraded Exact Sciences (EXAS) to In Line from Outperform with an unchanged price target of $105, downgraded Guardant Health (GH) to In Line from Outperform with a price target of $105, up from $90, downgraded Hologic (HOLX) to In Line from Outperform with a price target of $78, down from $79, and downgraded Bio-Techne (TECH) to In Line from Outperform with a price target of $62, down from $68. Recovering end markets and sector rotation have "set the stage for a 2026 Tools play," the analyst tells investors. In MedTech, the firm's survey work points to healthy procedure and CapEx trends into 2026 and early recovery signs in China support the group, but sector rotation and potential ACA and Medicare changes "have bears watching," the analyst added.