Shares of Keysight Technologies soared nearly 4% in the extended trading session on Thursday after the company reported better-than-expected 3Q results and provided a strong outlook for 4Q.Keysight Technologies’ (KEYS) 3Q revenues of $1.01 billion surpassed analysts’ expectations of $915.4 million. The electronic design and test solutions provider’s adjusted EPS of $1.19 also beat Street estimates of $0.83. However, top and bottom-line results declined 7% and 5%, respectively, on a year-over-year basis.Keysight provided a stronger-than-expected outlook for 4Q. The company’s revenues guidance range of $1.17-$1.19 billion is higher than analysts’ forecast of $1.11 billion. Adjusted EPS is expected to come between $1.42 and $1.48, which is notably higher than Street estimates of $1.24. (See KEYS stock analysis on TipRanks).Ahead of its 3Q results, Goldman Sachs analyst Mark Delaney upgraded the stock to Buy from Hold with a price target of $120 (16.7% upside potential). Delaney said "We assume coverage of Keysight Technologies (KEYS) from Toshiya Hari and upgrade the stock to Buy from Neutral." He added that Keysight’s product mix shift toward the Software and Services industries is driving margin expansion and reducing volatility.Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 7 Buys and 1 Hold. The average price target of $122.40 implies upside potential of about 19%, with shares currently flat year-to-date.Related News: GoHealth Shares Drop 6% After 2Q Loss Morgan Stanley Downgrades Smucker To Sell Ahead Of 1Q Results Progressive Sees EPS Spike 111% In July More recent articles from Smarter Analyst: * Ross Stores Reports Surprise 2Q Profit Despite Store Closures * JNJ Seeking 60,000 Participants For Massive Covid-19 Vaccine Trial * JNJ’s Darzalex Scores FDA Nod For Multiple Myeloma Treatment * AstraZeneca’s Imfinzi Wins Japan Approval For Small Cell Lung Cancer
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