Thermo Fisher upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Thermo Fisher (TMO) to Overweight from Equal Weight with a price target of $550, up from $490. The company’s valuation, both on an absolute and relative basis, is now now at attractive levels, the analyst tells investors in a research note. The firm believes Thermo’s end market demand is stable and should improve modestly over the next few years. Meanwhile, management’s mid-term guidance reset “sets a floor” with little additional downside risk to numbers, contends Barclays.