Evercore ISI Initiates Coverage on Waters (NYSE:WAT)

Equities researchers at Evercore ISI initiated coverage on shares of Waters (NYSE:WAT) in a report released on Tuesday. The brokerage set an “in-line” rating and a $360.00 price target on the medical instruments supplier’s stock. Evercore ISI’s price target would suggest a potential upside of 8.07% from the company’s previous close.

WAT has been the subject of a number of other research reports. William Blair began coverage on shares of Waters in a research note on Monday, January 5th. They set an “outperform” rating for the company. Barclays began coverage on shares of Waters in a report on Tuesday. They issued an “overweight” rating and a $400.00 price target on the stock. TD Cowen restated a “hold” rating on shares of Waters in a report on Wednesday, November 5th. Morgan Stanley started coverage on Waters in a research note on Monday, December 1st. They set an “equal weight” rating and a $423.00 target price on the stock. Finally, Wolfe Research upgraded Waters from a “peer perform” rating to an “outperform” rating and set a $480.00 price target for the company in a research note on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $399.74.

Waters Price Performance

Shares of NYSE WAT opened at $333.11 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.53 and a debt-to-equity ratio of 0.41. The business’s 50 day moving average price is $386.44 and its two-hundred day moving average price is $347.52. The company has a market cap of $19.84 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 3.19 and a beta of 1.18. Waters has a twelve month low of $275.05 and a twelve month high of $414.15.

Waters (NYSE:WAT) last posted its earnings results on Thursday, February 12th. The medical instruments supplier reported $4.53 earnings per share for the quarter, topping analysts’ consensus estimates of $4.50 by $0.03. Waters had a return on equity of 36.59% and a net margin of 20.89%.The business had revenue of $932.36 million for the quarter, compared to analyst estimates of $928.17 million. During the same period in the previous year, the firm earned $4.10 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Waters will post 12.86 EPS for the current year.

Institutional Trading of Waters

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Waters by 3.3% in the third quarter. Vanguard Group Inc. now owns 7,656,891 shares of the medical instruments supplier’s stock valued at $2,295,612,000 after purchasing an additional 246,128 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Waters by 31.0% in the 2nd quarter. Alliancebernstein L.P. now owns 4,021,358 shares of the medical instruments supplier’s stock valued at $1,403,615,000 after buying an additional 950,687 shares in the last quarter. Fundsmith LLP lifted its holdings in shares of Waters by 9.6% during the 3rd quarter. Fundsmith LLP now owns 3,955,498 shares of the medical instruments supplier’s stock worth $1,185,898,000 after acquiring an additional 347,091 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Waters by 44.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,689,693 shares of the medical instruments supplier’s stock valued at $806,397,000 after purchasing an additional 825,723 shares in the last quarter. Finally, State Street Corp boosted its stake in Waters by 1.4% in the second quarter. State Street Corp now owns 2,676,198 shares of the medical instruments supplier’s stock valued at $934,100,000 after buying an additional 37,763 shares in the last quarter. 94.01% of the stock is owned by institutional investors and hedge funds.

Key Waters News

Here are the key news stories impacting Waters this week:

• Positive Sentiment: Waters completed the Reverse Morris Trust combination with BD’s Biosciences & Diagnostic Solutions business, creating a larger life‑sciences company — a strategic move that expands scale and recurring‑revenue opportunities. Read More.
• Positive Sentiment: Company issued FY‑2026 targets showing significantly higher pro‑forma revenue (~$6.4–$6.5B) and a 28.1% margin target tied to BD integration — a positive signal for longer‑term revenue and margin expansion if integration goes smoothly. Read More.
• Positive Sentiment: Q4 results beat consensus modestly (EPS $4.53 vs $4.50; revenue $932.4M vs $928.2M) and showed double‑digit non‑GAAP EPS growth year‑over‑year — evidence the underlying business remains resilient. Read More.
• Neutral Sentiment: Management appointed Claire M. Fraser, Ph.D., to the combined company leadership team — adds scientific credibility but is not an immediate financial catalyst. Read More.
• Negative Sentiment: Waters set Q1 EPS guidance at $2.25–$2.35, below the Street’s estimate (~$2.52), and flagged a cautious tone on the earnings call — the below‑consensus Q1 guide is the main near‑term driver of selling pressure. Read More.
• Negative Sentiment: Analysts cut price targets and trimmed optimism: Bank of America lowered its target to $350 and moved to Neutral; TD Cowen kept a Hold and cut its target to $373 — analyst downgrades amplify the market reaction to the weak Q1 guide and deal uncertainty. Read More. | Read More.
• Negative Sentiment: Company’s earnings‑call commentary was described as cautious, with analysts highlighting BD life‑sciences weakness and a reduced premium valuation that could limit near‑term upside. Read More.

About Waters

Waters Corporation is a global provider of analytical instruments, software and services for laboratory and research applications. The company designs, manufactures and sells technologies centered on liquid chromatography, mass spectrometry, separation science, and related sample preparation and detection systems. Its product portfolio includes chromatographs, mass spectrometers, columns and consumables, laboratory informatics and workflow software, as well as technical support and training services that help customers run and interpret complex analyses.

Waters serves a wide range of end markets that include pharmaceutical and biotechnology companies, contract research and testing laboratories, academic and government research institutions, clinical diagnostics, food and environmental testing, and industrial and chemical manufacturers.