Waters Corp. (WAT) PT Raised to $465 at Scotiabank

Scotiabank analyst Sung Ji Nam raised the price target on Waters Corp. (NYSE: WAT) to $465.00 (from $450.00) while maintaining a Sector Outperform rating.

The analyst commented, "We continue to believe WAT is one of the most favorably-positioned among LST-13 to deliver outsized growth this year and next year, given the current timing of WAT-specific instrument replacement cycle, disproportionate exposure to later-stage development/commercial stage spending for the pharma/biotech industry and only ~3% of sales exposure to the U.S. A&G market. Specifically, WAT has the second-highest revenue growth expectation (behind Repligen) and the highest EPS growth expectation, among LST-13 this year. More importantly, we are more bullish about WAT’s transformation under the current management team over the last five years, maximizing its growth potential across existing end markets (better alignment of product innovations and commercial strategies, continued enhancement of integrated software capabilities, operational excellence initiatives) and capitalizing early on other high growth opportunities (India generics, GLP-1 testing, biologics, PFAS testing, clinical LC-MS, etc.). "

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