Valued at a market cap of $35.4 billion, Waters Corporation (WAT) is a prominent life sciences and analytical instruments company. Headquartered in Milford, Massachusetts, it develops and manufactures laboratory equipment, software, and consumables used in pharmaceutical, biotechnology, food, environmental, and industrial applications.
Companies with valuations of $10 billion or more are generally categorized as “large-cap stocks,” and WAT clearly falls into this group. The company is best known for its expertise in chromatography and mass spectrometry technologies.
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However, the stock is currently trading 12.9% below its 52-week high of $414.15, reached on Nov. 25. Shares have soared 24.3% over the past three months, compared to the Health Care Select Sector SPDR Fund’s (XLV) 1.3% uptick during the same time frame.
www.barchart.comZooming out, WAT has gained 3.7% over the past 52 weeks, lagging behind the ETF’s 12.7% uptick over the same time frame. Moreover, on a YTD basis, shares of Waters are down 5.1%, compared to XLV’s 1.2% plunge.
To confirm its recent bullish trend, WAT has been trading above its 50-day and 200-day moving averages since early May.
www.barchart.comWaters Corporation has trailed the broader market over the past year due to weaker demand in China, softer spending by biopharma and industrial customers, and concerns surrounding the integration of its recently acquired BD biosciences and diagnostics business. Investor sentiment was further dampened after the company issued weaker-than-expected profit guidance, raising concerns about near-term growth prospects and the pace of recovery in life sciences spending.
In the competitive medtech industry, WAT has lagged its rival, Agilent Technologies, Inc.’s (A) 7.8% rise over the past 52 weeks, but has slightly surpassed A’s 5.7% slump on a YTD basis.
The stock has a consensus rating of “Moderate Buy” from the 21 analysts covering it, and the mean price target of $402.35 suggests a 11.6% premium to its current price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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