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There are better alternatives to Waters Corporation (NYSE:WAT) in the life sciences tools sector from the perspective of acceleration in organic growth, according to an analyst at Janney.
The Analyst
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Paul Knight downgraded Waters Corp from Buy to Neutral and lowered his fair value estimate from $230 to $211.
The Thesis
Growth and earnings at Waters Corp are likely to be in line for Q2, but there's limited scope for upside to the 5-6 percent organic growth estimate for FY2019 or more, Knight said in a Tuesday note.
The analyst noted the company is focused on slower-growth pharmaceutical QC, while it's subject to competitive pressure in biological research from companies such as Thermo Fisher Scientific Inc. (NYSE:TMO), Agilent Technologies Inc (NYSE:A) and Sciex. The salesforce reorganization the company is implementing will take time to gain traction, the analyst added.
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That said, Knight sees revenue visibility from high China growth and earnings visibility from a 3-year share repurchase authorization.
Instead, Janney prefers LONZA Grp AG/ADR (OTC:LZAGY), which it recently initiated at a Buy. Knight views the company as positioned for accelerating growth.
Janney also expects a more modest acceleration at Thermo Fisher, with its $2-3 billion of bioproduction exposure.
Price Action
Shares of Waters Corp are nearly flat for the year-to-date period.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.