Waters Corp

WAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$943.00	Pmkg	Dzwpgphmdl

Waters Earnings: 2024 Outlook Constrained by Ongoing Headwinds, but No Fair Value Estimate Change

Julie Utterback

Feb 6, 2024

Wide-moat Waters turned in a solid end to what wound up being a very challenging year for most life science companies and guided for more constraints in 2024. While management's 2024 outlook was weaker than we had anticipated, cash flows generated since our last valuation change offset that in our model, and we are maintaining our $323 fair value estimate. Waters shares remain about fairly valued, in our opinion.

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