Wells Fargo analyst Brandon Couillard downgraded Waters to Equal Weight from Overweight with a price target of $330, down from $420. The firm says that Waters’ (WAT) acquisition of Becton Dickinson’s (BDX) Biosciences & Dx assets has sound strategic merit, but given the deal size, Wells thinks concerns on execution risk could keep shares range-bound and cap its relative valuation premium.
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