Citi analyst Patrick Donnelly opened a “90-day negative catalyst watch” on Thermo Fisher while keeping a Buy rating on the shares with a $625 price target. Consensus estimates are currently modeling 6.5% growth next year, which does not bake in current headwinds impacting the first half of 2024, along with 60 basis points of operating margin expansion from 2023, the analyst tells investors in a research note. The firm sees China headwinds for Thermo Fisher persisting into the first half of 2024 and limited visibility into an inflection in bioproduction. It believes there is risk that next year’s implied market growth rate gets lowered.
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