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CSFB: Still O.K. to Test Waters


CS First Boston sees a buying opportunity for Waters Corp. (WAT).

Analyst Meirav Chovav says the company will appeal a jury's decision to fine the company, after finding that Waters' Quattro Ultima Series mass spectrometers infringed on a patent. Choval notes the judgement does not affect Waters' Quattro Micro triple quad, and says if the court issues an injunction against its Quattro Ultima series, then Waters intends to alter or produce products for the U.S. market that do not infringe on a patent.

Chovav notes that the mass spectrometry products that are affected represent only 2.5% of Waters' 2001 total revenues and estimates that $2 million will be the maximum negative impact on the company's 2002 top line, or $0.05 on pre-tax income.


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