diff --git a/arch/x86/events/intel/core.c b/arch/x86/events/intel/core.c
index ef763f535e3abbd034857ad48a678c1281a358c4..12ec402f41144119bf04fb3beef885f6f7673593 100644
--- a/arch/x86/events/intel/core.c
+++ b/arch/x86/events/intel/core.c
@@ -3265,7 +3265,7 @@ static int intel_pmu_hw_config(struct perf_event *event)
 		return ret;
 
 	if (event->attr.precise_ip) {
-		if (!(event->attr.freq || event->attr.wakeup_events)) {
+		if (!(event->attr.freq || (event->attr.wakeup_events && !event->attr.watermark))) {
 			event->hw.flags |= PERF_X86_EVENT_AUTO_RELOAD;
 			if (!(event->attr.sample_type &
 			      ~intel_pmu_large_pebs_flags(event)))