Waters Corp.: Embedded Expectations High Under Present Conditions

1 IF D H HT T 100 - 100 1 i T 1 Pgiam/iStock via Getty Images Investment update Following my last publication on Waters Corporation (NYSE:WAT) the stock is +24% and now trades near our original price objective of $340/share. I revised my outlook on WAT to a hold in the last report for several reasons, not in the least related to the fact it sold ~22x forward earnings at the time, around what I believed to be fair value (my view was the business was worth ~$19.5Bn – it sells at $19.8Bn as I write). Thus, I'm ...