New York, February 12, 2026, 16:01 (EST) — Trading has shifted into after-hours.
- Waters shares dropped again late Thursday, capping off a turbulent week.
- Brokers are slashing price targets while they adjust their models after the deal.
- Early signals from the merged BD businesses are drawing investor attention.
Shares of Waters Corp (WAT) slipped 2.8% to $320 late Thursday in New York, after earlier dropping to $305.65. The stock had reached $331.01 at its session peak, with volume around 2.7 million shares.
The pullback’s significant—2026 is the first year Waters is offering guidance as a much bigger player after its BD deal, and investors are scrambling to factor in integration risk on the fly. Waters is projecting first-quarter adjusted earnings between $2.25 and $2.35 per share, with its full-year adjusted profit target still at $14.30 to $14.50. These “adjusted” (non-GAAP) numbers strip out items like costs tied to the acquisition. For 2026, Waters sees reported revenue coming in between $6.405 billion and $6.455 billion, of which around $3.0 billion is set to come from the BD acquisition. (SEC)
Broker notes have turned more cautious in the last two days, with lower targets despite a handful of firms saying the selling may be overdone. Wells Fargo trimmed its price target on the stock to $355 from $415, sticking with Equal Weight, while BofA Securities moved its target down to $350 from $410, keeping its Neutral stance. MarketBeat flagged a Barclays upgrade on Waters to “strong-buy.” (A price target reflects a broker’s projection of a stock’s potential trading level over the next year.) (MarketScreener)
UBS dropped its price target on Waters to $370 from $395, maintaining a Neutral stance. The call comes as the bank flags softer sector valuations and notes execution risk tied to the BD integration. UBS described the downturn at Becton Dickinson as “far more pronounced than expected,” adding it’s taking a cautious approach as it builds out its model for the “new Waters.” (Investing)
TD Cowen cut its price target on Waters to $373, down from $400, but kept the Hold rating in place. According to the firm, Waters management is still “highly confident” about the deal, blaming the soft quarter on “one-off factors.” Still, Cowen flagged that whether or not BD rebounds will be central for the stock. (Investing)
Waters this week wrapped up its deal with BD’s biosciences and diagnostic solutions arms, moved microbiologist Claire M. Fraser onto its board, and carved itself into four divisions. The reorg splits the company into analytical sciences, biosciences, advanced diagnostics, and materials sciences groups. (Waters Investor Relations)
BD disclosed its shareholders hold roughly 39.2% of the merged entity on a fully diluted basis. Using Waters’ Feb. 6 closing price, the deal places the value of BD Biosciences & Diagnostic Solutions at approximately $18.8 billion, according to BD. (BD Newsroom)
The week’s selloff started after Waters issued a first-quarter outlook that fell short. Shares plunged more than 10% Monday, following the company’s forecast for profit that missed Wall Street’s mark. Morningstar’s Julie Utterback pointed out BD revenue numbers came in softer than expected and flagged possible challenges in turning them around. CEO Udit Batra blamed lagging demand out of China and delays from the U.S. government shutdown, though he insisted cost and revenue synergies remain “firmly on track.” (Reuters)
Thursday wasn’t just tough for Waters. Shares of other life-science tools and diagnostics companies also slipped: Thermo Fisher shed 3.3%, Danaher lost 1.4%, Agilent was down 2.6% and BD dropped 1.3%.
Still, if investors start to think the post-deal valuation assumes too easy a ride, more bumps could turn up. Trefis flagged this in a note, saying that even after the deal, the stock’s valuation remains elevated—leaving open the possibility that shares could slide to $237 if growth stalls or integration efforts fall short. (Trefis)
Next up for investors: a look at first-quarter numbers through April 4. Waters has to prove the BD business has found its footing and the company’s guidance still stands. Any slip could be a problem. (MarketScreener)
