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NEW YORK (AP) - Shares of Waters Corp. rose Wednesday morning as an analyst upgraded the analytical instrument maker, citing a recent drop in the stock's value following a fourth-quarter profit miss.
| WAT | 64.38 |  -0.21 |
The stock added $1.30, or 2.4 percent, to $54.98. So far this year, the stock has lost about 32 percent of its value.
JPMorgan analyst Tycho W. Peterson moved his rating to "Overweight" from "Neutral" and said expectations now take into account softer pharmaceutical spending.
The Milford, Mass., company's strong free cash flow, healthy product line and new application areas, among other items, make shares attractive after the recent sell-off, he said.
Yet Peterson cut his 2008 organic growth expectation for Waters to 7.5 percent from 8.5 percent, citing a cautious outlook on the overall pharmaceutical research and development sector.
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