UPDATE: JP Morgan Upgrades Thermo Fisher Scientific to Overweight on Favorable Risk/Reward

JP Morgan upgraded Thermo Fisher Scientific

from Neutral to Overweight and raised the price target from $70.00 to $80.00. JP Morgan noted, "We are upgrading Thermo Fisher Scientific (TMO) from Neutral to Overweight on favorable risk/reward due to conservative guidance that should be at worst achievable, and more likely beatable, and an improving record of capital deployment since management has increasingly focused on the higher bar of ROIC, rather than simply adjusted EPS accretion. The company's robust and growing free cash flow provides clear optionality around additional capital deployment, including but not limited to recent press reports (Reuters) that it is now evaluating a purchase of Life Technologies (LIFE)." Thermo Fisher Scientific closed at $72.14 on Thursday.