Gabelli & Company Initiates Waters Corporation at Buy (WAT)

Gabelli & Company is out with its report on Waters Corporation WAT, initiating WAT at Buy. In a note to clients, Gabelli writes, "We estimate that Water will earn $4.55 per share in 2011 and generate about $570 million of EBITDA on $1.3 billion of revenues. We are initiating coverage and recommend buying shares of WAT." Gabelli & Company has a $93 PT on WAT. At the time of posting, shares of WAT were trading at $85.44, up 0.56% from Monday's close.