Oppenheimer Says Thermo Fisher (TMO) Sell-Off Overdone

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Oppenheimer trimmed its price target on Thermo Fisher Scientific (NYSE: TMO) from $63 to $59 following Q3 results but is maintaining an Outperform rating.

The firm noted Q3 revenues fell short due to weakness in academic and governmental end markets. In addition, 2011 outlook was lowered. Despite a more tempered outlook the firm said yesterday's 9% sell-off was an "overreaction."

For more ratings news on Thermo Fisher Scientific click here and for the rating history of Thermo Fisher Scientific click here.

Shares of Thermo Fisher Scientific closed at $48.36 yesterday, with a 52 week range of $47.77-$65.86.

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