Leerink Partners Resumes Waters Corp. (WAT) at Outperform
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Leerink Partners resumes coverage on Waters Corp. (NYSE: WAT) with a Outperform rating and a price target of $163.00.
Analyst Puneet Souda commented, "We view Waters positively and believe that: (1) Growth in biopharma end-markets is likely to continue, extending the business cycle and further strengthening WAT’s already established presence in biopharma QA/QC labs; (2) WAT will continue to garner premium pricing in the LC (Liquid Chromatography) market given what we view as best-in-class UPLC (Ultra Performance LC) system with 70%+ mass spec attach rates -– the highest in the industry; (3) China shows no signs of taking a break as it continues to deliver double-digit growth driven by demand in pharma, food and environmental/ industrial testing labs; and (4) underlying strength of Waters’ recurring revenue base (almost 50% of WAT’s revenue) remains sticky as biopharma QA/QC labs are generally not amenable to change."
Shares of Waters Corp. closed at $142.38 yesterday.
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