Jefferies Cuts Price Target on Waters Corp. (WAT) Following Revenue Miss

October 26, 2016 9:54 AM EDT
Get Alerts WAT Hot Sheet
Price: $139.69 +1.17%

Rating Summary:
    9 Buy, 18 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 33 | New: 11
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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."

For an analyst ratings summary and ratings history on Waters Corp. click here. For more ratings news on Waters Corp. click here.

Shares of Waters Corp. closed at $138.60 yesterday.



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