Waters Corp

Waters (WAT), a life sciences tools provider, saw its shares respond favorably to solid results in their legacy Waters business as well as in the recently acquired biosciences and diagnostics businesses from Becton Dickinson. This positive performance reflects the company's strong positioning within the growing AI data center construction boom, which is driving high revenue and backlog growth across the sector.

Waters Corporation (WAT) underperformed on the announcement that it will acquire Becton Dickinson’s Biosciences and Diagnostics divisions. While we take a skeptical view toward transformational M&A, we do see the strategic logic of the deal, and we have confidence in management’s ability to execute on commercial improvements and cost synergies. We continue to have a favorable view of WAT’s core business and the management team.

Waters Corporation (WAT) underperformed on the announcement that it will acquire Becton Dickinson’s Biosciences and Diagnostics divisions. While we take a skeptical view toward transformational M&A, we do see the strategic logic of the deal, and we have confidence in management’s ability to execute on commercial improvements and cost synergies. We continue to have a favorable view of WAT’s core business and the management team.

We added to our position in Waters Corp. (WAT) as we believe it is well equipped to navigate uncertainty. The market volatility following tariff announcements provided us with an opportunity to invest further in this high-quality business at what we viewed as a compelling valuation. Backed by our deep research, we have the conviction that Waters Corp. will continue to perform well in the future.

We added to our position in Waters Corp. (WAT) as we believe it is well equipped to navigate uncertainty. The market volatility following tariff announcements provided us with an opportunity to invest further in this high-quality business at what we viewed as a compelling valuation. Backed by our deep research, we have the conviction that Waters Corp. will continue to perform well in the future.

We took advantage of the market volatility following the tariff announcements to add to these positions at what we viewed as compelling valuations. Backed by our deep research, we had the conviction to invest further in these high-quality businesses, which we believe are well equipped to navigate uncertainty.