As a provider of testing equipment for labs around the globe, Agilent (A, Financial) is well positioned to benefit from increasing investments in healthcare, safety-related testing, pharmaceuticals, and other industries where highly accurate testing is essential for environmental, safety, product design, quality control, and other reasons. In the short term, Agilent will be aff ected somewhat by the recent closure of university labs, generally lower global business activity, and the impact of lower energy prices on a small portion of the company’s customer base. In sum, we believe the net impact of the virus on Agilent’s longterm intrinsic value to be minimal.
From Bill Ackman (Trades, Portfolio)'s Pershing Square 2019 annual letter to shareholders.
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