-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将WAT的12个月目标价从335美元上调至370美元，基于2026年每股收益预期14.50美元（高于此前预期的14.39美元；2027年每股收益预期下调0.05美元至16.34美元）的25.5倍市盈率。该目标价低于WAT过去三年和五年的平均预期市盈率26.3倍和27.4倍。我们认为学术界/政府终端市场持续疲软。此外，我们还注意到中国（多家美国生命科学工具和服务公司的重要市场）面临持续的政策挑战，包括中国诊断相关分组（DRG）报销政策更新对免疫诊断业务带来的不利影响。尽管WAT能否充分实现BDX交易的预期协同效应仍存在不确定性，但我们认为其第一季度业绩令人鼓舞。收购的生物科学和诊断解决方案业务自交易完成以来已创造 5.2 亿美元的收入，比预期高出 4000 万美元，较 2025 年第四季度实现了显著的环比增长。值得注意的是，生物科学部门按完整季度备考基准计算，销售额仅下降了 1%，而 2025 年第四季度则下降了 10%。
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