Thermo Fisher price target raised to $670 from $660 at JPMorgan

JPMorgan analyst Rachel Vatnsdal raised the firm’s price target on Thermo Fisher to $670 from $660 and keeps an Overweight rating on the shares. The company missed Q2 estimates and cut 2023 core organic guidance, the analyst tells investors in a research note. The firm believes the guidance reset is likely to spark renewed investor interest and a positioning reshuffle. While JPMorgan has questions on the macro backdrop and the potential impact to 2024, it believes Thermo is well positioned for when the underlying market does see an inflection back to normal rates given its “resilient business model.”