Smith Barney Keeps 'Outperform' on Waters

Analyst Lakshmi Bhojraj thinks the company continues to be an attractive investment opportunity in the Life Sciences tools space

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.

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