Waters price target lowered to $400 from $415 at Barclays

Barclays analyst Luke Sergott lowered the firm’s price target on Waters (WAT) to $400 from $415 and keeps an Equal Weight rating on the shares. The “straight down the middle” print meeting elevated expectations and Q1 coming in below estimates leads to a reset in an already lofty valuation, the analyst tells investors in a research note. The firm sees little risk to management’s guidance for the year and still anticipates the business will maintain the momentum, leading to a “beat and raise” year. Barclays added that, with the initial guide, expectations are a bit more muted than before, but the firm does not think a lot has changed with the investment thesis over the near-term.