Bernstein Rates Waters (WAT) buy, $435 Price Target

Bernstein has upgraded Waters Corporation to a 'buy' with a new target price of $435, a 17.93% upside from the current price.

By EarningsIQ Research Desk · Published Jun 26, 2026, 10:01 AM EDT · Updated Jun 30, 2026, 11:03 AM EDT

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Bernstein rated Waters Corporation ($WAT) "buy" with a $435 price target on June 26, 2026.

Since the rating, $WAT is up 1.2% after 1 week, down 0.9% after 1 month and up 16.7% to date (from the $374.41 close on Jun 26, 2026).

WAT Waters Corporation

$436.95 +14.40% year to date

Daily close · Oct 16, 2026

Key Points

Bernstein reinstated its rating on Waters Corporation (NYSE:WAT) to 'buy' with a price target of $435.
Bernstein's $435 price target implies 17.93% upside from Waters Corporation's ($WAT) current $368.87 share price.
Waters Corporation, trading at $376.89 on Friday, has a market cap of $37 billion and a P/E ratio of 47.8.
Peers like BlackRock and State Street have significantly increased their holdings in Waters Corporation.

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On June 26, 2026, Bernstein reinstated its rating on Waters Corporation (NYSE:WAT) to 'buy' and set a new price target of $435. Shares of Waters traded near $376.89 on Friday.

Analyst rating track record

Bernstein vs. the S&P 500

YTD return +94.91% hypothetical

All-time return +227.37% S&P 500 +27.02%

vs. S&P 500 +200.35% ahead of the index

Hypothetical returns from Bernstein's disclosed trades, not real profit or advice. How we model this.

Analysts Set New Price Targets

On June 26, 2026, Bernstein reinstated its coverage of Waters Corporation with a 'buy' rating and a $435 price target. This comes as other analysts also express optimism about the stock. On June 11, Piper Sandler initiated coverage with a 'hold' rating and a $400 target. HSBC maintained its 'buy' rating with a $435 target on June 3. Meanwhile, Barclays maintained a 'buy' rating with a $425 target on May 7.

Other Institutional Activity in Waters Corporation

Several institutional investors have made notable changes to their positions in Waters Corporation. BlackRock, Inc. increased its holdings by 3,110,859 shares, ending with 8,543,014 shares valued at about $2.54 billion, a 57.3% increase. Vanguard Capital Management LLC opened a new position with 6,378,775 shares, valued at approximately $1.90 billion. Similarly, Vanguard Portfolio Management LLC also initiated a stake with 4,754,185 shares, worth about $1.42 billion. T. Rowe Price Investment Management, Inc. dramatically increased its position by 4,529,347 shares, ending with 4,663,879 shares valued at approximately $1.39 billion, a massive 3366.7% increase. State Street Corp grew its holdings by 1,678,872 shares to a total of 4,362,010 shares, worth about $1.30 billion, marking a 62.6% increase.

Waters Corporation Stock Down 16.9%

Shares of Waters Corporation (NYSE:WAT) traded at approximately $376.89 on Friday. The company has a market capitalization of $37 billion and a P/E ratio of 47.8. Its forward P/E is 22.9, indicating expectations of future earnings growth. With a beta of 1.202, the stock shows moderate volatility compared to the market. Over the past year, the stock has seen a low of $275.05 and a high of $414.15. Its 50-day moving average is $344.08, and the 200-day moving average is $346.09. Waters maintains a current ratio of 1.788 and a quick ratio of 0.974, with a debt-to-equity ratio of 36.634.

12-month forecast

$WAT price target

Waters Corporation daily closes and this analyst's $435 target. Not advice.

Recent Earnings

Waters Corporation posted revenue of $3.77 billion with a growth rate of 0.914. The company reported an EPS of $7.88, with a net margin of 11.93% and a return on equity of 5.21%. The next earnings report is expected on May 5, 2026.

Insider Buying and Selling at Waters Corporation

Recent insider activity at Waters Corporation includes several transactions. On June 24, 2026, Robert Carpio III, SVP of Waters Analytical Sciences, sold 189 shares at an average price of $369.18. Amol Chaubal, SVP & CFO, sold 239 shares at $352.21 on May 12, 2026. Earlier in April, Jianqing Bennett, SVP of Waters Advanced Diagnostics, sold 302 shares at $304.09. In March, Wei Jiang and Heather Knight bought 64 and 68 shares, respectively, at no cost on March 31, while Wei Jiang also purchased 500 shares at $289.46 on March 16.

About Waters Corporation

Waters Corporation, headquartered in Milford, Massachusetts, provides analytical workflow solutions across Asia, the Americas, and Europe. It operates through its Waters and TA segments, designing and manufacturing systems for liquid chromatography and mass spectrometry. These technologies are crucial in drug discovery and development, environmental testing, and various industrial applications. The company also offers thermal analysis and rheometry instruments, and software products that enhance the use of its equipment. Led by CEO Dr. Udit Batra, Waters employs around 16,000 people worldwide.

Bottom Line

Bernstein's upgrade to a 'buy' rating with a $435 target reflects growing confidence in Waters Corporation's prospects. The company's strong market position in the diagnostics and research industry, along with significant institutional interest, highlights its potential. Remember, 13F filings and analyst ratings are backward-looking and may not reflect current market conditions.