Thermo Fisher (NYSE:TMO) shares are under pressure in the pre-market session today after the global life sciences company lowered its full-year financial outlook owing to a challenging macro environment. It now expects revenue for the full Fiscal year 2023 to be $42.7 billion, compared to the previous outlook ranging from $43.4 billion to $44 billion. EPS for the year is anticipated to be $21.50 versus the prior anticipated range of $22.28 to $22.72.
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The company’s third-quarter revenue declined by 1% year-over-year to $10.57 billion. EPS of $5.69, on the other hand, clocked a 12% growth over the prior year period, surpassing expectations by $0.08.
Despite a difficult operating environment, TMO introduced new products during the quarter, including the EXENT Solution, Gibco CTS Detachable Dynabeads, and the Thermo Scientific Fill Finish Solution. Recently, the company also bolstered its mass spectrometry and life sciences portfolio with the $3.1 billion acquisition of Olink Holding (NASDAQ:OLK). The acquisition is expected to close by the middle of next year.
What Is the Target Price for TMO?
Overall, the Street has a Strong Buy consensus rating on Thermo Fisher. The average TMO price target of $601 implies a substantial 31.1% potential upside. That’s after a nearly 20% slide in the share price over the past six months.
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