Jefferies Cuts Price Target on Waters Corp. (WAT) Following Revenue Miss
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Jefferies maintained a Hold rating on Waters Corp. (NYSE: WAT), and cut the price target to $145.00 (from $150.00), following the company's 3Q earnings report. EPS of $1.57 matched the consensus view as marginally better profitability offset weaker core revenue growth. Core revenue growth of +5% was ~100bps weaker than expected.
Analyst Brandon Couillard commented, "3Q16 revenues missed for the first time in >2 yrs, snapping a long period of consecutive beat/raise prints, as core growth came in ~100bps below expectations on materially weaker gov't/academic demand. With limited visibility to an improvement in either academic or industrial demand, 2017 leans more heavily on biopharma. Despite the pullback, we continue to view the risk/reward as balanced."
Shares of Waters Corp. closed at $138.60 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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