Analyst Kallum Titchmarsh of Morgan Stanley maintained a Hold rating on Waters, retaining the price target of $350.00.
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Kallum Titchmarsh has given his Hold rating due to a combination of factors, including a strong first-quarter performance in Waters’ core operations alongside early signs of stabilization in recently acquired businesses. He views management’s guidance as cautious relative to current momentum and expects synergies to ramp meaningfully in the second half, but believes the story is still in the early stages of integration.
He also notes that the stock’s recent move reflects both the solid print and prior heavy short positioning, which limits near-term upside as some of that pressure has already unwound. Given the need for additional evidence beyond a single quarter, especially as restructuring and integration efforts intensify, he maintains an Equal-Weight stance and leaves his price target unchanged at $350, implying a valuation of roughly 19x one-year forward EBITDA.
In another report released on May 4, Stifel Nicolaus also maintained a Hold rating on the stock with a $380.00 price target.