TD Cowen Forecasts Strong Price Appreciation for Waters (NYSE:WAT) Stock

Waters (NYSE:WAT) had its target price hoisted by TD Cowen from $515.00 to $530.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical instruments supplier’s stock. TD Cowen‘s target price suggests a potential upside of 12.85% from the stock’s previous close.

A number of other research firms have also weighed in on WAT. Guggenheim increased their price objective on shares of Waters from $440.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. Citigroup boosted their target price on shares of Waters from $425.00 to $470.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Wall Street Zen raised shares of Waters from a “hold” rating to a “buy” rating in a report on Monday, October 26th. UBS Group raised Waters from a “neutral” rating to a “buy” rating and increased their price target for the stock from $375.00 to $490.00 in a research report on Wednesday, September 9th. Finally, Weiss Ratings upgraded Waters from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $471.09.

Waters Stock Performance

NYSE WAT traded up $9.75 during trading hours on Wednesday, reaching $469.65. The stock had a trading volume of 626,188 shares, compared to its average volume of 968,373. The stock has a fifty day moving average of $432.11 and a 200 day moving average of $371.16. The stock has a market cap of $46.14 billion, a P/E ratio of 117.26, a price-to-earnings-growth ratio of 2.62 and a beta of 1.16. Waters has a 52-week low of $282.77 and a 52-week high of $482.28. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.29 and a current ratio of 1.86.

Waters (NYSE:WAT) last posted its quarterly earnings results on Tuesday, November 3rd. The medical instruments supplier reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $0.10. Waters had a net margin of 3.58% and a return on equity of 11.27%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same period last year, the firm posted $3.40 EPS. Waters’s revenue for the quarter was up 120.9% compared to the same quarter last year. Sell-side analysts predict that Waters will post 14.56 earnings per share for the current year.

Insider Buying and Selling at Waters

In related news, Director Christopher Kuebler sold 3,626 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $397.94, for a total value of $1,442,930.44. Following the completion of the transaction, the director directly owned 17,808 shares in the company, valued at $7,086,515.52. The trade was a 16.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of Waters

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WAT. California Public Employees Retirement System grew its position in shares of Waters by 25.4% during the 1st quarter. California Public Employees Retirement System now owns 138,423 shares of the medical instruments supplier’s stock valued at $41,222,000 after acquiring an additional 28,074 shares during the period. Dudley & Shanley Inc. increased its stake in shares of Waters by 101.3% in the 2nd quarter. Dudley & Shanley Inc. now owns 23,590 shares of the medical instruments supplier’s stock valued at $8,847,000 after purchasing an additional 11,870 shares in the last quarter. Ramsay Stattman Vela & Price Inc. purchased a new position in shares of Waters in the 1st quarter valued at about $942,000. Hahn Capital Management LLC acquired a new position in Waters in the 1st quarter worth about $1,490,000. Finally, Handelsbanken Fonder AB raised its holdings in Waters by 93.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 93,653 shares of the medical instruments supplier’s stock worth $35,124,000 after purchasing an additional 45,145 shares during the period. Institutional investors and hedge funds own 94.01% of the company’s stock.

Key Headlines Impacting Waters

Here are the key news stories impacting Waters this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $525 from $475 and maintained an “outperform” rating. KeyCorp also lifted its target, to $500 from $460, with an “overweight” rating—both revisions signal greater analyst confidence. Royal Bank of Canada price target update KeyCorp rating
• Positive Sentiment: Third-quarter adjusted EPS of $4.10 topped the roughly $4.00 consensus, and revenue of $1.77 billion exceeded estimates. Waters reported 9% organic revenue growth and raised its 2026 outlook, providing a key fundamental reason for investor optimism. Waters Q3 2026 results
• Positive Sentiment: Management outlined a 2027 framework targeting a 29.2% adjusted operating margin and a path to high-single-digit growth, supporting the longer-term outlook. Waters 2027 framework
• Positive Sentiment: Waters acquired MOBILion Systems to add high-resolution ion-mobility technology to its mass spectrometry portfolio, expanding its proteomics capabilities. The CEO also pointed to AI-related demand for lab tools as drugmakers seek to accelerate research. MOBILion acquisition
• Neutral Sentiment: A recent valuation-focused article raises the question of whether WAT’s shares already reflect its improved outlook. That may temper enthusiasm, particularly given the stock’s elevated valuation. Waters valuation discussion

About Waters

Waters Corporation (NYSE:WAT) develops and manufactures analytical technologies used to measure, identify and characterize chemical and biological substances. Its customers include pharmaceutical and biotechnology companies, industrial manufacturers, academic and government laboratories, and organizations involved in food, environmental and clinical testing.

The company’s product portfolio includes high-performance liquid chromatography and ultra-performance liquid chromatography systems, mass spectrometers, chromatography columns and consumables, and laboratory software for data management and analysis.