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UBS Warburg Cuts Waters Corp. to 'Buy'


UBS Warburg downgraded Waters Corp. (WAT) to buy from strong buy.

On Monday a jury found that Waters' Quattro Ultima mass spectrometry line infringed on a patent. Analyst Vivek Khanna is taking a somewhat more cautious stance on Waters as a result of the ruling. The company is not allowed to sell the Quattro Ultima line in the U.S., and therefore must pay $47.3 million in damages.

Khanna says Quattro Ultima generated $22 million ($0.04 to $0.06 earnings per share) in 2001. He notes the company is putting off the Monday launch of Quattro Platinum as a result of the ruling. Khanna sees an additional risk of a judge taking a broader interpretation of ruling, which could impact additional product lines and potentially cost Waters another $0.06 in EPS.


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