As previously reported, Morgan Stanley analyst Steve Beuchaw upgraded Waters to Equal Weight from Underweight after the firm's October lab survey indicated that Pharma R&D budgets will accelerate in 2018 and Waters' implied market share loss in Pharma labs has moderated. He also has updated his tax analysis to reflect the proposed elements of the House and Senate tax bills, noting that over 95% of the company's cash is held overseas and its "repatriation opportunity can no longer be overlooked." Beuchaw raised his price target on Waters shares to $230 from $207.