KeyBanc upgraded Waters (WAT) to Overweight from Sector Weight with a $460 price target The firm came away from a company visit with increased confidence that Waters’ exposure to pharma and biotech manufacturing can drive outperformance relative to peers. The firm estimates 30% of the company’s total revenue is now tied to products used in pharma and biotech manufacturing. The fundamentals for this part of the market are strong and “far better” than in the U.S. academic setting, contends KeyBanc.
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