Thermo Fisher price target lowered to $630 from $670 at JPMorgan

JPMorgan analyst Rachel Vatnsdal lowered the firm’s price target on Thermo Fisher to $630 from $670 and keeps an Overweight rating on the shares. The tools group continues to be out of favor along with broader healthcare, but investors continue to look for “places to hide within healthcare and we view pockets of tools as the lesser-of-evils within the HC sector given the current backdrop,” the analyst tells investors in a research note. The firm updated models to reflect a more difficult setup for the rest of 2023 and into 2024. Despite the headwinds the group is facing, JPMorgan maintains its recommendation for select exposure in tools given strong underlying market dynamics in bioprocessing, saying the stocking headwinds are largely a timing-related issue