In July 2025, Becton, Dickinson and Company (NYSE:BDX)  agreed to combine its Biosciences & Diagnostic Solutions business with Waters Corporation (NYSE:WAT) .On Monday, William Blair initiated coverage on Waters with an Outperform rating.Investment ThesisWhile the merger adds complexity to the narrative, analyst Matt Larew sees a strong strategic fit and greater synergy upside than the market initially priced in.William Blair estimates EPS accretion of ~$0.10 in 2026, rising to ~$2.70 by 2028.Waters holds a ...