Deutsche Bank Upgrades Waters (WAT) to Buy; Improves Outlook

October 28, 2009 9:19 AM EDT

Deutsche Bank upgrades Waters (NYSE: WAT) from Hold to Buy. Price target increased from $66.50 to $70.

Deutsche analyst says, "Key takeaways from the WAT earnings release: 1) Top-line beats, with strong consumables offsetting weak instruments. 2) Tight cost controls (primarily on the SG&A line) offsets GM weakness to drive EPS beat. 3) 4Q guidance above consensus, FY10 to return to modest growth due to stabilizing markets. WAT remains one of the dominant market players in both LC and MS with top-notch products, and given improved market conditions and solid upside to current price, we are upgrading to a Buy...We are increasing our FY09E EPS from $3.35 to $3.44 and our FY10E EPS from $3.80 to $3.90. Given an improving outlook for WAT’s end markets, combined with a new product cycle and solid upside to the current price, we are upgrading from a Hold to a Buy and increasing our PT to $70.00 (was $66.50)."

To see more analyst ratings on WAT Click Here.

Waters Corporation operates as an analytical instrument manufacturer primarily in the United States, Europe, Japan, and Asia.

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