Analyst Ajay Kejriwal wrote that Danaher's acquisitive strategy - it was $12 billion in reserve for buyouts - should benefit from an "opening up" of the M&A environment, especially with "We believe there could be an opportunity to acquire Agilent where our analysis suggests Agilent's strong portfolio in separations , mass spec, and spectrometry would be highly complementary to Danaher, with only limited overlap with AB Sciex and Leica Biosystems," Kejriwal wrote. Kejriwal also noted that analysts' consensus 2015 EPS estimate for Danaher had declined since July from $4.18 to $4.02, which he sees as highly beatable.