Leerink upgraded Waters to Outperform from Market Perform with a price target of $375, up from $325. The firm believes Waters is about to turn a corner with instrumentation growth reaching a bottom and orders inflecting upwards, at a time when China stimulus is on the cusp of materializing and biopharma recovery also expected to take shape gradually. Wedbush points out that China funnel activity was strong in the quarter, with customers gearing up for stimulus. China is finally signaling recovery given LC replacements starting in the generics market, the firm adds.
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