Deutsche Bank Defends Waters Corp (WAT), Says Buy Recent Weakness
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Deutsche Bank comments on Waters Corp. (NYSE: WAT) following the 15% sell-off over the last several weeks. The firm said the stock is now trading at a forward P/E (14x) not seen since the merger of Pfizer / Pharmacia in 2003. They said investors' fears have become irrational after Q4 results disappointed slightly.
The said the primary investors concern, that big pharma demand is deteriorating, is completely unfounded.
The firm is reiterating their Buy rating, citing valuation, saying they would be aggressive at current levels. [LJ]
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