UBS analyst Dan Leonard downgraded Thermo Fisher (TMO) to Neutral from Buy with a price target of $460, down from $500, citing the view that “a confluence of headwinds” could pressure life sciences R&D longer than many expect. The firm, which notes that this end market comprises about 50% of Thermo’s sales, notes that its 2026 organic sales growth forecast of 4% is 200 basis points below the Street view and it lowered forecasts for the outer years.
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