TD Cowen raised the firm’s price target on Thermo Fisher (TMO) to $654 from $612 and keeps a Buy rating on the shares. The firm said 3Q looked good with 5% EPS beat, organic roughly 0.5% better and the 2025 guide was raised (organic intact). Biopharma is the strongest market (MSD% 3Q growth) and getting stronger (biotech, PPD), supporting a better 2026.
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