Thermo Fisher price target lowered to $545 from $600 at Morgan Stanley

Morgan Stanley analyst Tejas Savant lowered the firm’s price target on Thermo Fisher to $545 from $600 and keeps an Overweight rating on the shares. Following a bigger-than-expected Q4 and FY24 reset, the firm views shares as “ownable” given that it views the FY24 reset as a “clearing event” that sets the stage for “more even-keeled performance next year.” The firm still calls Thermo Fisher a “Top-Pick” on a pullback, citing what it sees as intact long-term fundamentals, a “track record of all-weather execution” and M&A optionality.