diff --git a/arch/x86/events/intel/core.c b/arch/x86/events/intel/core.c
index 09c53bcbd497d697b5372b1d4353f1eb9617e449..c8b0bf2b0d5e40b4eeae55f0437283080c1fe947 100644
--- a/arch/x86/events/intel/core.c
+++ b/arch/x86/events/intel/core.c
@@ -3072,7 +3072,7 @@ 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)))