J.P. Morgan Resumes Coverage On Thermo Fisher Scientific With Overweight Rating

According to J.P. Morgan, Thermo Fisher Scientific TMO coverage is resumed with Overweight rating. J.P. Morgan said that it was previously restricted on Thermo Fisher Scientific (TMO) shares due to J.P. Morgan's involvement in the Dionex transaction announced on December 13, 2010. “With the transaction now complete, we are resuming coverage with an Overweight rating (our previous rating was also Overweight) and December 2011 price target of $72 (previously, $58). Importantly, the $3.5B acquisition of allergy and autoimmune diagnostics supplier Phadia, which was announced today, should be highly-accretive to EPS ($0.26-$0.30 in 2012) and marks the second multibillion dollar deal by the company in the past six months, reflecting a welcomed more active stance toward capital deployment.” Thermo Fisher Scientific closed yesterday at $65.38.