These Analysts Lower Their Forecasts On Thermo Fisher After Q3 Results

Thermo Fisher Scientific Inc. TMO reported mixed third-quarter financial results and lowered its FY23 guidance.

Thermo Fisher Scientific posted adjusted earnings of $5.69 per share, versus expectations of $5.61 per share. The company’s sales came in at $10.57 billion, compared to estimates of $10.59 billion.

The company said it now expects 2023 revenue to be $42.7 billion (prior $43.4 billion - $44.0 billion) vs. 43.53 billion consensus and adjusted EPS of $21.50 (prior $22.28 - $22.72) vs. $22.31 consensus.

Thermo Fisher shares rose 2.2% to trade at $442.65 on Thursday.

These analysts made changes to their price targets on Thermo Fisher following earnings announcement.

• Morgan Stanley cut the price target on Thermo Fisher from $600 to $545. Morgan Stanley analyst Tejas Savant maintained an Overweight rating.
• Raymond James slashed the price target on Thermo Fisher from $580 to $515. Raymond James analyst Andrew Cooper maintained an Outperform rating on the stock.
• Citigroup lowered the price target on Thermo Fisher from $625 to $530. Citigroup analyst Patrick Donnelly maintained a Buy rating.
• RBC Capital cut the price target on Thermo Fisher from $657 to $579. RBC Capital analyst Conor McNamara maintained an Outperform rating.
• Keybanc analyst Paul Knight, meanwhile, downgraded Thermo Fisher Scientific from Overweight to Sector Weight.

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