UPDATE: Goldman Sachs Upgrades Thermo Fisher Scientific (TMO) to Conviction Buy

September 24, 2021 6:23 AM EDT
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Price: $582.39 +0.87%

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    25 Buy, 3 Hold, 0 Sell

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    Up: 13 | Down: 13 | New: 72
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(Updated - September 24, 2021 6:24 AM EDT)

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."

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 $608.23 yesterday.

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