NEW YORK, March 31 (GenomeWeb News) - An analyst at JP Morgan upgraded Waters' stock today while Stanford Research downgraded it, one day after two other analysts downgraded the stock after the company on Tuesday said first-quarter earnings and product sales will be lower than expected.
The upgrade from JP Morgan, the only upgrade to follow Waters' March 29 announcement, reclassified the stock as "overweight" from "neutral" today. Stanford Research took the stock down one notch from "buy" to "hold."
Analysts at Robert W. Baird, Merrill Lynch, and Lehman Brothers each lowered their evaluations of Waters' stock yesterday.
Shares in Waters remained flat in mid-afternoon trading today at $36.22, after tumbing $9.71, or 21 percent, Wednesday after the company revised its expected earnings.
On March 29, Waters revised its estimate of 2005 sales growth to between 3 and 4 percent from the 13- to 14-percent range it identified in a January conference call with investors. The company also revised its projected first-quarter per-share earnings from $.44 to between $.34 and $.37. In a statement, the firm said that the lowered earnings were the result of "weaker than expected sales growth."