Auriga Maintains a 'Hold' on Waters Corp. (WAT); Q2 Review: Falls Short of High Expectations; Underlying Markets Healthy
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Price: $412.17 -0.32%
Rating Summary:
22 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Auriga maintains a 'Hold' on Waters Corp. (NYSE: WAT) price target of $103.00.
Auriga analyst says, "Waters reported 2Q11 revenues of $448MM (+14%; 8% org, 6% F/X) and non-GAAP EPS of $1.08 (+17% Y/Y), both of which were below our estimates and consensus. Organic revenue growth was strong, but failed to meet WAT's aggressive guidance and our expectations (11%). Management indicated shipments to U.S. Pharma customers slowed at the very end of the quarter (possibly due to vacations), which capped upside. However, demand promptly rebounded in July and management expects the combination of new product launches and a solid order book to boost second half results. As such, WAT maintained prior guidance. Given that market trends appear solid, combined with new product launches and an ongoing upgrade cycle, we view the outlook as achievable, albeit likely back-end loaded."
For more ratings news on Waters Corp. click here and for the rating history of Waters Corp. click here.
Shares of Waters Corp. closed at $89.25 yesterday.
Auriga analyst says, "Waters reported 2Q11 revenues of $448MM (+14%; 8% org, 6% F/X) and non-GAAP EPS of $1.08 (+17% Y/Y), both of which were below our estimates and consensus. Organic revenue growth was strong, but failed to meet WAT's aggressive guidance and our expectations (11%). Management indicated shipments to U.S. Pharma customers slowed at the very end of the quarter (possibly due to vacations), which capped upside. However, demand promptly rebounded in July and management expects the combination of new product launches and a solid order book to boost second half results. As such, WAT maintained prior guidance. Given that market trends appear solid, combined with new product launches and an ongoing upgrade cycle, we view the outlook as achievable, albeit likely back-end loaded."
For more ratings news on Waters Corp. click here and for the rating history of Waters Corp. click here.
Shares of Waters Corp. closed at $89.25 yesterday.
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