Scotiabank starts coverage on large cap life science tools trio

As previously reported, Scotiabank initiated coverage of Thermo Fisher Scientific (TMO), Danaher (DHR), Waters Corporation (WAT), all with Sector Perform ratings, and price targets of $605, $265 and $430, respectively. The firm’s long-term outlook for the life science tools sector “has been and remains bullish,” and it views the three stocks as “some of the highest-quality stocks to own.” However, in the near term, the firm is more neutral on these large cap names given continued end-market uncertainties, particularly with biopharma and China, and, to a lesser extent, any political uncertainties exiting 2024, the analyst tells investors.