Citi raised the firm’s price target on Thermo Fisher (TMO) to $650 from $600 and keeps a Neutral rating on the shares post the Q4 report. The upside surprise was management guiding for 90 points of margin expansion due to flow through from previous cost outs and favorable business mix, the analyst tells investors in a research note. Citi views the earnings and margin expansion guidance positively, though notes margins ramp significantly throughout the year.
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