Thermo Fisher Scientific: Catalyst Call: Buy Idea

研报英文原文证据摘录

Thermo Fisher Scientific: Catalyst Call: Buy Idea

Deutsche Bank

Research

Rating Short Term Company Date

Buy 9 July 2026 Buy Thermo Fisher

Catalyst Call

North America Scientific

United States

Reuters Bloomberg Exchange Ticker Price at 8 Jul 2026 (USD) 510.13

TMO.N TMO US NYS TMO

Price Target (USD) 630.00

Health Care

52-week range (USD) 639.45 - 1.22

Life Science Tools &

Diagnostics

Catalyst Call: Buy Idea

Valuation & Risks

Justin Bowers

Basis for the short-term investment idea

Research Analyst

We believe the set-up for TMO stock entering 2Q26 earnings is improved with +1-917-517-9836

sentiment tilting more negatively due to investor concerns related to the ramp in

organic growth through the rest of 2026 compared to +1% organic growth in 1Q26. Sam Martin

Research Associate

In other words, 2Q26 organic growth in line with sell side consensus of +3%

coupled with reiteration of the full year outlook of ~3% should be enough to provoke

a relief rally and improve investor confidence in the bridge to mid-single digit

growth in 2027.

The bridge to +3% organic growth QoQ is relatively flat when normalizing a

combined (2%) headwind in 1Q due to fewer selling days and plant maintenance.

Further, Thermo has a (4%) YoY comp in Analytical Instruments, while intraquarter

checks for this segment and the core reagents business were relatively

constructive. In addition, we expect accelerating growth and strong bookings from

both PPD and the CDMO, from both improving end-market conditions and ongoing

traction of Thermo's Accelerator Drug Development program. Also, synergies from

M&A and PPI should support upside to consensus EPS of $5.72.

Catalysts

Earnings announcement on July 23, 2026; 2Q26 beat; 3Q26 guidance that brackets

consensus; 2026 guidance raise.