Thermo Fisher price target lowered to $585 from $690 at Bernstein

Bernstein lowered the firm’s price target on Thermo Fisher (TMO) to $585 from $690 and keeps an Outperform rating on the shares. With tariffs, concerns about NIH and broader academic/government funding, and HHS hits to pharma that have already come and that may still be in the works, the firm believes the recovery in tools isn’t happening the way it hoped it would at the beginning of the year. Measures of the health sector show that these theoretical risks are actually playing out in the numbers, and Bernstein heads into Q1 cautious.