Waters Corp. (WAT) Investor Day Highlights New Opportunities - JefferiesThe analyst stated "WAT outlined plans to pursue five specific high growth adjacent markets: 1) Bio-separations; 2) Bioprocess characterization (Sartorius partnership); 3) LC-MS in diagnostics; 4) Battery testing; and 5) Sustainable polymers. All in, these areas will open a ~$7B TAM growing +DD (2x faster than WAT). Accessing these markets will involve a mix of collaborations, organic development, and MA." Regarding the outlook, the he commented "Messaging around the NT outlook was consistent w/ recent commentary, with WAT targeting +5-7% core growth (~100bps above market), driven by ongoing impact of five commercial execution initiatives (inst replacement, svc attachment, new markets (CROs), eCommerce, new product launches) it began in 2021. Margin expansion will be muted (+20-30bps/yr) due to re-investment into high-growth adjacent areas. All in, this should yield ~+HSD EPS growth."