Danaher: Long-Term Growth Potential Amid Short-Term ChallengesWe believe none are thesis-changing, and good news is 2 key headwinds (China Value Based Procurement, or VBP, impacting Dx; and weak US instruments) are expected to play out early in '25, thus paving way for a stronger 2H story. We're lowering our forecasts ('25 ~in line w the guide, and '26 to 7% organic, 12% EPS) and our PT goes to $260, assumes 30x 26 (down from 32x prior). Even after today's (10%) decline, the stock is at a valuation premium to the group, hence gaining confidence these headwinds abate, and the pathway back towards HSD growth (in 2026), are key to support the premium multiple.