Waters upgraded to Buy from Hold at Jefferies

Jefferies analyst Tycho Peterson upgraded Waters to Buy from Hold with a price target of $415, up from $355. Following recent channel checks, Jefferies has increased conviction that the liquid chromatography-mass spectrometry replacement cycle is now underway. Such cycles typically drive 300 basis points of growth uplift, but this time, Waters stands to benefit from a refreshed portfolio, the analyst tells investors in a research note. The firm also remains upbeat on China generics and India, where Waters has 75% share and a “wide moat via Empower.”