Thermo Fisher Scientific (TMO) PT Raised to $715 at Cowen

Cowen analyst Dan Brennan raised the price target on Thermo Fisher Scientific (NYSE: TMO) to $715.00 (from $696.00) while maintaining an Outperform rating.

The analyst commented, "TMO reported a good 3Q, with COVID testing a big driver along with healthy organic growth ex-COVID of 10% (also better than expected). Margins and EPS were also strong. 2021 and 2022 guidance was raised though still has room for upside. Today's results and outlook, together with TMO's valuation, support our positive view. We raise our PT to $715, which assumes 30x '23E P/E (5% discount to peers)."

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