UPDATE: Goldman Sachs Upgrades Thermo Fisher Scientific (TMO) to Conviction Buy
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Goldman Sachs analyst Matthew Sykes upgraded Thermo Fisher Scientific (NYSE: TMO) from Buy to Conviction Buy with a price target of $690.00.
The analyst comments "We are adding Buy rated TMO to the Conviction List with a $690 price target representing 13% upside from current levels. We believe that TMO’s 3-turn valuation discount to the sector is unwarranted for 3 main reasons: 1) we now have strong confidence the company can hit HSD growth, a material step up from their historical growth rate, a level we see as highly achievable and above sector peers, 2) TMO is experiencing multiple growth drivers across their end markets from robust funding in biopharma and academic/government, a cyclical rebound in industrial and continued pent up demand for their instrumentation, and 3) TMO is organically building a highly competitive bioprocessing business experiencing strong growth rates at highly accretive margins."
Shares of Thermo Fisher Scientific closed at $608.23 yesterday.
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Related EntitiesGoldman Sachs Conviction Buy List, Goldman Sachs
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