Auriga Maintains Buy, $95 PT on Waters

Auriga reiterates its Buy rating and $95 target price on Waters WAT as the company posts solid results in 4Q and an outlook that likely is conservative into 2012. Auriga says, "Waters reported 4Q11 revenues of $521MM (+8%; 8% org, 0% F/X) and non-GAAP EPS of $1.56 (+13% Y/Y), with both ahead of our estimates and consensus. ...WAT also provided the first look at 2012, guiding to 6% to 8% organic growth, -2% F/X headwind and Non-GAAP EPs of $5.15 to $5.30. Management struck a cautiously optimistic view as demand remains solid, but the current funding and economic environment has created some uncertainty. " WAT closed at $85.34 a share on Tuesday.