UPDATE: Jefferies Color On WAT Target Increase

Jefferies, which raised its PT on shares of Waters Corp. WAT, is providing some color on the stock. “WAT's 1Q11 adjusted EPS of $1.04 easily outpaced our $0.93 forecast on tremendous organic revenue upside that flowed at materially better incremental operating margins (39% vs our 31%),” Jefferies writes. “We are raising our 2011 EPS forecast to $4.85 (from $4.60) to reflect the stronger 1Q11 experience and expectations for more sustainable organic revenue momentum in the coming periods.” Waters Corp. closed Tuesday at $98.32.