Waters Corp. (WAT) PT Lowered to $370 at UBS to Reflect Group Multiple Contraction

UBS analyst Dan Leonard lowered the price target on Waters Corp. (NYSE: WAT) to $370.00 (from $395.00) while maintaining a Neutral rating.

The analyst commented, "Our Neutral rating on Waters (WAT) reflects a positive view of its growth opportunities balanced against execution risk associated with its acquisition of Becton Dickinson's (BD) Life Sciences businesses. Q4 results and FY26 guidance support our thesis. Waters' standalone results and FY26 guidance were in line with expectations, buoyed by several key drivers (e.g., replacement cycle, bioseparations). But BD deterioration was far more pronounced than expected, suggesting a heavy lift ahead. We've started our model for the new Waters conservatively and have reduced our price target to $370 from $395, which merely reflects group multiple contraction."

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