Waters Corp

WAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$582.00	Kglcb	Cbbsdrstc

Waters Earnings: Delayed Biopharma Spending Curbs 2023 Sales Outlook

Julie Utterback

May 9, 2023

Wide-moat Waters reported weak first-quarter results, as biopharmaceutical clients reined in spending on its tools, and management pushed down its sales guidance for 2023. However, the team also maintained its profit expectations for the year, and at first glance, we expect to maintain our $280 fair value estimate based on this announcement. Waters shares look about fairly valued, in our opinion.

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