Wells Fargo Starts Thermo Fisher Scientific (TMO) at Market Perform; Returns on Capital Not So Hot

Wells Fargo initiates coverage on Thermo Fisher Scientific (NYSE: TMO) with a Market Perform. PT range $55-60.

Analyst, Tim Evans, said, "We like Thermo's free cash generation, which we think limits downside to the stock. We also like management's seemingly endless ability to wring costs out of the business. We are cautious, however, on routine product mix (the industry's highest), a geographic footprint with low emerging markets exposure, and weak returns on capital due to an aggressive acquisition strategy. We set our 2012/2013 EPS estimates at $4.79/$5.27."

For an analyst ratings summary and ratings history on Thermo Fisher Scientific click here. For more ratings news on Thermo Fisher Scientific click here.

Shares of Thermo Fisher Scientific closed at $51.54 yesterday.

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