Market Overview

UPDATE: JP Morgan Downgrades Waters to Neutral on Limited Upside Potential

Share:
Related WAT
Waters UPLC I-Class/Xevo TQ-S System Approved for In Vitro Diagnostic Use in China
California Drought And Water ETFs

JP Morgan reduced its rating on Waters (NYSE: WAT) from Overweight to Neutral and reiterated its $90 price target.

JP Morgan noted, "We are downgrading our rating on Waters (WAT) from Overweight to Neutral, given a near-peak margin structure (which is unlikely to improve meaningfully from current levels, in our view), increasing competitive dynamics, and above-peer valuation (>17x P/E). While we expect the company to return to mid-single digit growth in 2013 against an easy comp, we believe that other names within our coverage universe present more appealing risk-reward, particularly given the substantial premium valuation. We look to become more constructive on a pullback."

Waters closed at $88.39 on Wednesday.

Latest Ratings for WAT

DateFirmActionFromTo
Jul 2015Wells FargoUpgradesMarket PerformOutperform
Apr 2015Cantor FitzgeraldMaintainsBuy
Apr 2015Leerink SwannMaintainsMarket Perform

View More Analyst Ratings for WAT
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (WAT)

Get Benzinga's Newsletters