WAT - Waters Back On The Right Path But The Valuation Is Well Down The Road

• Waters' new CEO has the company on a much better path and addressing the strategic and execution deficiencies that have led to share loss, missed opportunities, and relative underperformance.
• New product introductions should restore momentum in QA/QC, as well as provide leverage to growth opportunities in areas like proteomics.
• Circling back with established customers to drive a refresh of the installed instrument base and improved consumables attach rates is a low-risk opportunity to generate sales and margin leverage.
• The new plan at Waters should generate above-peer revenue and FCF growth, but the stock already more than anticipates those improvements.

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