UPDATE: Citigroup Raises PT on Waters to $85, Maintains Neutral

Citigroup reiterates its Neutral rating on Waters

and raises its price target up $2 to $85 on increased P/E, as company sees continued growth in end markets. Citigroup comments, "With investor concerns over performance in December and potentially slowing end market trends, WAT posted 8% organic growth ahead of Street estimates and all 3 of its end markets grew in the 8-9% range. ...4Q was impressive and 2012 guidance appears achievable (or beatable), but we maintain our Neutral rating as current valuation and a 16x P/E multiple (vs. group at 13x) is already pricing in the potential for EPS upside, in our view." WAT closed at $85.04 a share on Tuesday.