Shares of electronic equipment maker Keysight Technologies, $KEYS.N, rose 2.65% to $350.04 premarket.
The company forecast Q4 revenue and profit above Wall Street estimates on Tuesday, driven by strong demand for its software and tools as companies accelerate investments in AI data center infrastructure.
Keysight forecast Q4 adjusted profit of $3.34 to $3.40 per share and revenue of $1.93 billion to $1.95 billion, above analysts' estimates of $2.70 per share and $1.81 billion.
J.P. Morgan said accelerating revenue growth and a growing backlog point to strong long-term demand trends for Keysight, which could support an increase in the company's long-term growth target.
Following the results, at least five brokerages raised price targets on the stock, according to data compiled by LSEG.
Eleven of 13 brokerages rate the stock "buy" or higher, while two rate it "hold"; their median price target is $405, LSEG-compiled data showed.
As of the previous day's close, the stock was up 68% year to date.
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