Baird analyst Catherine Ramsey Schulte upgraded Waters (WAT) to Outperform from Neutral with a price target of $407, up from $396. The firm has “incremental confidence” in the company’s refreshed long-term outlook following the investor day and believes its positive replacement cycle commentary will likely support near-term momentum. In addition, Waters has limited National Institutes of Health exposure, the analyst tells investors in a research note. Baird says Waters’ valuation gap versus some peers looks wider than usual, while a premium is warranted.
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