Wells Fargo lowered the firm’s price target on Thermo Fisher (TMO) to $660 from $670 and keeps an Overweight rating on the shares. The firm says core growth is steadily improving quarter-over-quarter and guidance implies a modest uptick to about +2.5% in Q4. Street expectations for 5% core in 2025 also seem well-grounded and defensible, Wells adds. The firm continues to like Thermo Fisher’s defensive profile and balance sheet optionality.
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