Waters upgraded to Outperform at Scotiabank yesterday

As previously reported yesterday morning, Scotiabank upgraded Waters (WAT) to Outperform from Sector Perform with a price target of $450, up from $430, following “strong” Q4 results and guidance for “sector-leading top line and bottom line growth” for 2025. The firm’s target represents a significant premium to the average multiples of the peer group, but Scotiabank thinks this is justified given its view that Waters is well-positioned for outsized growth both near-term and long-term, the analyst tells investors.