Waters upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded Waters (WAT) to Equal Weight from Underweight with a price target of $415, up from $360. The firm says the company’s “upgrade cycle” is in “full swing” and its “conservative” guide setts up potential for a beat-and-raise year in 2025. Barclays says it held onto its Underweight thesis for too long as it was waiting to see more visible signs of the recovery, resulting in the shares outperforming the group over the past six months. The firm sees little risk to the upgrade cycle getting derailed in the near-term.