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Bank Ups 2010 Revenue, EPS Estimates for Waters

NEW YORK (GenomeWeb News) – Investment bank Thomas Weisel Partners today increased its revenue and earnings per share estimates for Waters, following a recent meeting with executives of the firm.

Analyst Peter Lawson wrote in a research note today that he has increased the bank's 2010 revenue estimate to $1.61 billion from $1.58 billion, which is slightly above analysts' consensus estimate of $1.6 billion. The bank's estimate would represent organic growth of just under 5 percent, in line with Waters' guidance of mid single digit organic growth.

Thomas Weisel also increased its EPS estimate to $3.70 from $3.62, but that is still below analysts' consensus estimate of $3.74.

According to Lawson's research note, Waters' management commented that they are seeing a continued stabilization in major end markets for the firm's products. "Management again commented that they feel the worst is behind them for instrument demand and we believe an uptick should come in 2010 as customers who delayed instrument placements re-enter the market," Lawson wrote.

In late October, Waters reported a 3 percent revenue decline, which beat analysts' consensus estimate. The firm said at the time that it was seeing a stabilization in its end markets after a difficult first half of the year.

Thomas Weisel has an "overweight" rating on Waters' stock with a 12-month price target of $63.

In early Tuesday trade on the New York Stock Exchange, shares of Waters were down around 1 percent at $59.10.