Smith Barney keeps outperform on Waters (WAT).
Analyst Lakshmi Bhojraj says the company reported in-line first quarter earnings per share, as weakness in the pharmaceutical segment of the high performance liquid chromatography business was offset by better-than-expected revenue growth in Waters' mass spectrometry and thermal analysis businesses.
She notes pro forma first quarter earnings per share met her estimate, and was a penny per share above consensus; she says the 2003 guidance remains at $1.43 earnings per share on high, single-digit reported revenue growth.
Bhojraj continues to believe Waters represents an attractive investment opportunity in the Life Sciences tools space. She maintains her $1.43 2003 earnings per share and $1.60 2004 estimates.