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Investing.com - TD Cowen raised its price target on Waters Corp. (NYSE:WAT) to $400 from $390 while maintaining a Hold rating on the stock. Waters currently trades at $378.59 with a P/E ratio of 35.14, significantly higher than market averages.
The adjustment follows meetings between TD Cowen analyst Dan Brennan and Waters Corp . executives, including CFO Amol Chaubal and head of investor relations Caspar Tudor, held in Toronto. The broader analyst consensus aligns with TD Cowen’s cautious stance, with targets ranging from $348 to $460.
TD Cowen noted that while execution risk remains on Waters’ deal with BD, the firm has become "more constructive" on Waters’ ability to achieve revenue synergies through operations and pricing strategies.
The research firm also indicated that Waters’ initial cost reduction projections for the BD deal appear "very de-risked" based on information gathered during the management meetings.
TD Cowen further observed that momentum in Waters’ core business appears on track to continue, consistent with the company’s third-quarter performance.
In other recent news, Waters Corporation reported strong financial results for the third quarter of 2025, surpassing analysts’ expectations. The company achieved an earnings per share (EPS) of $3.40, exceeding the forecasted $3.21. Additionally, Waters’ revenue reached $800 million, outperforming projections of $781 million. These results reflect robust growth supported by steady demand for instruments and better-than-expected chemistry and recurring revenue. Following these developments, BofA Securities adjusted its price target for Waters, raising it from $350 to $375 while maintaining a Neutral rating. BofA noted that the company’s performance was "broadly ahead of expectations," highlighting the positive momentum in its financial results. These recent developments suggest a favorable outlook for Waters Corporation as it continues to deliver strong earnings and revenue growth.
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