WAT - Waters Corporation upgraded at BofA ahead of investor day

As Waters Corporation (NYSE:WAT) prepares to hold its 2022 Investor Day on Thursday, Bank of America upgraded the maker of analytical workflow instruments to Neutral from Underperform, citing improvements across multiple metrics. The analysts led by Derik de Bruin attribute the firm’s previous bearish rating to the company’s slower instrument growth, increased market rivalry, poor execution, lower exposure to faster-growing end markets, and its rich valuation compared to high growth peers. “As we reevaluate WAT ahead of their May 19th Analyst Day, we are more positive on most of these key points,” the team added as they raised the price target to $330 from $320 per share. However, the concerns over the durability of topline performance beyond 2022 and the potential for margin expansion have prompted the analysts to stick to their Neutral rating. The team estimates a 5 – 7% core growth rate for Waters (WAT) and notes that

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Waters Corporation upgraded at BofA ahead of investor day