KeyBanc downgraded Thermo Fisher to Sector Weight from Overweight without a price target. On yesterday’s earnings call, Thermo provided “a lot of moving parts” with its 2024 macro view of zero or low-single-digit industry decline and its 3% growth goal, the analyst tells investors in a research note. The company is not expecting destocking to subside until next year, and with only 10% exposure to bioproduction supplies, it will have a less pronounced 2024 rebound than peers, says the firm. As such, it sees lower growth for Thermo Fisher than peers in fiscal 2024.
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