UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Thermo Fisher Scientific on Favorable Risk-Reward

In a report published Friday, Bank of America analyst Derik de Bruin reiterated a Buy rating on Thermo Fisher Scientific TMO, and raised the price target from $128.00 to $142.00. In the report, Derik de Bruin noted, “Following our visit to TMO's mass spectrometry facility (link), we are raising our forecasts as we believe that TMO will continue to leverage its PPI (practical process improvement) strategy across the firm, particularly within the recently acquired Life Technologies (LIFE) business. Moreover, business fundamentals look solid on better US & European academic funding, stability in pharma, biotech strength, and an improving macro environment. With TMO shares up about 11% YTD, above the life sciences group (+7%) and S&P 500 (+0.7%), our new PO implies an incremental 15% upside to the 20 March close.” Thermo Fisher Scientific closed on Thursday at $123.58.