Thermo Fisher price target lowered to $650 from $700 at Citi

Citi analyst Patrick Donnelly lowered the firm’s price target on Thermo Fisher to $650 from $700 and keeps a Buy rating on the shares post the Q1 results. The company acknowledged some caution among bioprocessing customers but to a lesser degree than peers given its products are upstream-focused with less exposure to early stage biotech, the analyst tells investors in a research note. The firm dropped the price target to reflect increasing end market concerns.