UPDATE: Bank of America Downgrades Waters Corporation to Neutral, Lowers PT Following Weaker 3Q13 Earnings Results

In a report published Wednesday, Bank of America analyst Derik de Bruin downgraded the rating on Waters Corporation WAT from Buy to Neutral, and lowered the price target from $113.00 to $105.00. In the report, Bank of America noted, “On 10/22 WAT reported 3Q13 earnings results that were below expectations for the 3rd consecutive qtr. We've been waiting for a rebound, but despite easier y/y comps and new products in 2014, we think that longer upgrade cycles and competition will make it more difficult for WAT to re-accelerate organic sales and EPS growth back to historical mid-to-high single-digits and mid-to-high teen levels, respectively. As a result, we are lowering our estimates and downgrading to Neutral from Buy, as shares appear fairly valued given the prospects of another year of anemic growth.” Waters Corporation closed on Tuesday at $99.83.