UPDATE: ISI Group Initiates Waters with Market Weight, $86 PT on UPLC Upgrade Cycle Leverage
ISI Group initiated its coverage on Waters (NYSE: WAT) with a Market Weight rating and a price target of $86.
ISI Group commented, "We are initiating coverage on shares of Waters with a Market Weight rating and a price target of $86.00, which on a forward basis equates to ~11x EV/EBITDA and ~15x operating EPS. Our thesis for WAT is based on outsized leverage to the multi-year UPLC upgrade cycle, attractive exposure to the emerging markets (biopharma / applied bias), and industry-leading capital returns balanced against a reasonable premium valuation."
Waters closed at $75.96 on Monday.
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