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Investing.com - BofA Securities raised its price target on Waters Corp. (NYSE:WAT) to $375.00 from $350.00 on Tuesday, while maintaining a Neutral rating on the stock. Waters is currently trading at $367.34, with a market capitalization of $21.96 billion, according to InvestingPro data.
The price target increase follows Waters’ third-quarter results, which BofA noted were "broadly ahead of expectations" with growth supported by steady instrument demand and better-than-expected chemistry and recurring revenue. The company has maintained a revenue growth of 5.89% over the last twelve months.
BofA highlighted that Waters’ trends were "broadly very consistent" with year-to-date results across both customer segments and geographic regions, suggesting the company is positioned to continue delivering solid performance. InvestingPro data shows the company maintains a "GOOD" overall financial health score of 2.9.
The new price target is based on 19x proforma FY26 estimated EBITDA, up from the previous multiple of 18x, which BofA adjusted to reflect the robust results and its more constructive view of the company. InvestingPro data reveals Waters is currently trading at an EV/EBITDA multiple of 21.8x and a P/E ratio of 33.44, supporting the ProTip that the company is trading at a high earnings multiple.
Despite the price target increase, BofA maintained its Neutral rating, noting that the current valuation reflects Waters’ performance, though it acknowledged "potential for further near-term upside," especially as the Becton Dickinson (BDX) deal closes in the first quarter of 2026. Analyst targets for Waters range from $315 to $460, according to InvestingPro, which offers 8 more ProTips and a comprehensive Pro Research Report on Waters Corp among 1,400+ US equities.
In other recent news, Waters Corporation reported strong financial results for the third quarter of 2025, surpassing analysts’ expectations. The company achieved earnings per share (EPS) of $3.40, exceeding the forecasted $3.21. Additionally, Waters Corporation’s revenue reached $800 million, outperforming the anticipated $781 million. These results indicate the company’s solid performance during the quarter. Despite the stock price movement, the financial figures highlight Waters Corporation’s ability to exceed market projections. Analyst firms have noted the company’s robust earnings and revenue figures as positive indicators. Investors are closely watching these developments as they assess the company’s ongoing performance.
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