UPDATE: Morgan Stanley Downgrades Waters Corporation to Equal-Weight, Removes $87 PT
In a report published Friday, Morgan Stanley downgraded its rating on Waters Corporation (NYSE: WAT) from Overweight to Equal-Weight, and removed its $87.00 price target.
Morgan Stanley noted, “Growth is set to improve from sub-par 2012 levels, but stock incorporates much of this improvement, yielding 8% upside in our base case over the next 12 months. Given better risk-reward for our other Overweights, we downgrade WAT to Equal-weight.”
Waters Corporation closed on Thursday at $86.22.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.