Waters-Becton Dickinson Deal May Deliver Bigger Gains Than Expected: Analyst

Benzinga01-07

In July 2025, Becton, Dickinson and Company (NYSE:BDX) agreed to combine its Biosciences & Diagnostic Solutions business with Waters Corporation (NYSE:WAT). On Monday, William Blair initiated coverage...

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class=\"title\">\nWaters-Becton Dickinson Deal May Deliver Bigger Gains Than Expected: Analyst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-07 02:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/analyst-stock-ratings/initiation/26/01/49735053/waters-becton-dickinson-deal-may-deliver-bigger-gains-than-expected-analyst><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In July 2025, Becton, Dickinson and Company (NYSE:BDX) agreed to combine its Biosciences & Diagnostic Solutions business with Waters Corporation (NYSE:WAT).\nOn Monday, William Blair initiated coverage...</p>\n\n<a href=\"https://www.benzinga.com/analyst-stock-ratings/initiation/26/01/49735053/waters-becton-dickinson-deal-may-deliver-bigger-gains-than-expected-analyst\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2125909916.SGD","symbol_name":"Natixis Thematics Safety R/A 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Becton, Dickinson and Company (NYSE:BDX) agreed to combine its Biosciences & Diagnostic Solutions business with Waters Corporation (NYSE:WAT).\nOn Monday, William Blair initiated coverage on Waters with an Outperform rating.\nWhile the merger adds complexity to the narrative, analyst Matt Larew sees a strong strategic fit and greater synergy upside than the market initially priced in.\nWilliam Blair estimates EPS accretion of ~$0.10 in 2026, rising to ~$2.70 by 2028.\nWaters holds a leading position in the resilient quality assurance and control (QA/QC) market, with incremental growth catalysts beginning to emerge.\nCore end markets are positioned to improve next year versus this year, marking the first year-over-year recovery since pre-COVID.\nAnalyst Larew notes that Waters shares fell about 20% in the week after the BD deal was announced, as investors were caught off guard by the company adding a large, different business to an otherwise simple, high-margin model—raising concerns around integration risk and a changed financial profile.\nThe stock has since rebounded, helped by a macro-driven recovery in tools. Larew also believes investor confidence has improved as management has clarified synergy targets and strategic fit through recent investor outreach.\nThe analyst models $15.55 of EPS in 2027 ($17.18 once the BD merger closes).\nNew Waters will continue to have above-group growth, margins, and ROIC. Larew sees roughly 20% upside by year-end 2026 based on a multiple of 26 times its 2027 post-merger EPS target (current valuation is 26.7 times, the 10-year average of 25.9 times, and peers at 25.2 times).\nAdditionally, William Blair noted that the addition to the portfolio overlaps with and strategic adjacencies, the success of similar large M&A deals in the life sciences space over the last 20 years.\nCiting Thermo Fisher Scientific Inc.'s (NYSE:TMO) acquisition of Life Technologies and Merck's acquisition of Sigma-Aldrich, both realizing greater post-acquisition synergies compared to pre-deal expected synergies, the analyst wrote that the company's target for $345 million in total EBITDA synergies by year five will prove conservative.\nWAT Price Action: Waters shares were up 1.21% at $399.75 at the time of publication on Tuesday, according to Benzinga Pro data.\nRead Next:\nPhoto via Shutterstock","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601817521","isCrawlerRequest":true}