Waters Corp

WAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$153.00	Mbmj	Jnzqfsbct

Waters Turns In Strong Q4 and Gives 2023 Outlook About as Expected, Including Wyatt Acquisition

Julie Utterback

Feb 15, 2023

Wide-moat Waters reported strong fourth-quarter results that helped it slightly exceed our expectations in 2022. However, its guidance for 2023 appears roughly as expected, and the Wyatt acquisition announcement (light scattering technology used primarily in large molecule analysis) looks a bit pricy. We are maintaining our $280 fair value estimate, and shares continue to trade moderately above that.

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