Is Keysight Technologies (KEYS) Cheap As XR3 And Software Growth Drive Its Next Phase?

Keysight Technologies (KEYS) recently unveiled new hardware and software, including its XR3 oscilloscope, following a significant share price pullback of 32.84% over the past month. Despite the short-term decline, the stock has seen strong long-term compounding with a 3-year total shareholder return of 113.77%. While some analysts see Keysight as 37% undervalued with a fair value estimate of $415.08, driven by growing software and recurring revenue, its current P/E ratio of 34.7x is higher than industry and peer averages, raising questions about whether its upside is already priced in.