Barclays analyst Luke Sergott lowered the firm’s price target on Thermo Fisher to $590 from $610 and keeps an Overweight rating on the shares. The analyst says the tools companies “remain tough to own” as Q2 is shaping up to be “messy” with biopharma and China appearing to deteriorate. The firm expects another round of guidance cuts. Look for Q3 to be “risk-clearing” as 2024 estimates reset to a more moderate pace of biopharma growth, the analyst tells investors in a research note.
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