Street View: Thermo Fisher benefits from biopharma recovery, China momentum
BUZZ-Street View: Thermo Fisher benefits from biopharma recovery, China momentum ** Thermo Fisher TMO.N beat analyst estimates for third-quarter results on Wednesday, banking on strong demand for its life sciences tools, as biotech companies increase spending on research and manufacturing
** On average, 26 analysts rate the TMO stock at "buy"; their median PT is $735 - data compiled by LSEG
BROADER LIFE-SCIENCES MARKET RECOVERY
** William Blair ("outperform") says there were enough positive data points to support the market recovery thesis
** Evercore ("outperform", PT: $720) says the biotech market is improving, with customers expecting research-reagent spending to increase over the next couple of quarters
** Leerink Partners ("outperform", PT: $735) says "TMO is well positioned to deliver at the upper end of the 3%-6% organic growth framework."
** RBC Capital Markets ("sector perform", PT: $730) says TMO's China revenue accelerated to low-double-digit growth which is an encouraging indication that biopharma-led recovery is gaining traction
** Jefferies ("buy", PT: $785) says TMO's contract drug manufacturing business posted significant growth, though part of the increase reflected work originally scheduled for Q4 that was completed earlier in Q3
(Reporting by Christy Santhosh)