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These Analysts Lower Their Forecasts On Thermo Fisher After Q3 Results

Published 26/10/2023, 19:11
© Reuters. These Analysts Lower Their Forecasts On Thermo Fisher After Q3 Results

Benzinga - by Lisa Levin, Benzinga Editor.

Thermo Fisher Scientific Inc. (NYSE: TMO) reported mixed third-quarter financial results and lowered its FY23 guidance.

Thermo Fisher Scientific posted adjusted earnings of $5.69 per share, versus expectations of $5.61 per share. The company’s sales came in at $10.57 billion, compared to estimates of $10.59 billion.

The company said it now expects 2023 revenue to be $42.7 billion (prior $43.4 billion - $44.0 billion) vs. 43.53 billion consensus and adjusted EPS of $21.50 (prior $22.28 - $22.72) vs. $22.31 consensus.

Thermo Fisher shares rose 2.2% to trade at $442.65 on Thursday.

These analysts made changes to their price targets on Thermo Fisher following earnings announcement.

  • Morgan Stanley cut the price target on Thermo Fisher from $600 to $545. Morgan Stanley analyst Tejas Savant maintained an Overweight rating.
  • Raymond James slashed the price target on Thermo Fisher from $580 to $515. Raymond James analyst Andrew Cooper maintained an Outperform rating on the stock.
  • Citigroup lowered the price target on Thermo Fisher from $625 to $530. Citigroup analyst Patrick Donnelly maintained a Buy rating.
  • RBC Capital cut the price target on Thermo Fisher from $657 to $579. RBC Capital analyst Conor McNamara maintained an Outperform rating.
  • Keybanc analyst Paul Knight, meanwhile, downgraded Thermo Fisher Scientific from Overweight to Sector Weight.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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