Michael Ryskin, an analyst from Bank of America Securities, maintained the Hold rating on Waters. The associated price target remains the same with $375.00.
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Michael Ryskin has given his Hold rating due to a combination of factors that reflect both opportunities and challenges for Waters Corporation. The company’s management expressed optimism about their business growth drivers and maintained that their BDX LS model remains stable despite some minor impacts. While the GLP-1 market presents a significant growth opportunity, contributing positively to revenue, there are potential delays in deal closures due to external factors like government shutdowns.
Additionally, Waters experienced a strong quarter in China, with notable growth in the pharmaceutical and academic sectors. However, this growth is expected to normalize, as China is viewed as a mature market. The company also reported strong recurring revenues driven by chemistry and software, particularly the transition of Empower to a SaaS model. Despite these positive trends, the overall growth outlook remains tempered, justifying the Hold rating.
In another report released on November 5, Stifel Nicolaus also maintained a Hold rating on the stock with a $380.00 price target.