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Thermo Fisher Downgraded by KeyBanc, Predicted to Rebound Less Than Peers in 2024

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Thermo Fisher Downgraded by KeyBanc, Predicted to Rebound Less Than Peers in 2024

Thermo Fisher Scientific location. Thermo Fisher offers controlled and sustained release solid oral dosage forms.
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KeyBanc has announced its decision to downgrade the rating of Thermo Fisher (NYSE:TMO) to sector weight, citing expectations that the company will experience a slower rebound in 2024 compared to its peers.

The investment group highlighted several factors contributing to this outlook, including well-known macroeconomic trends such as Chinese market slowdowns and reduced biotech spending. Additionally, KeyBanc pointed out that the company does not expect the destocking process to subside until 2024.

Due to Thermo Fisher’s lower exposure, at around 10%, to bioproduction supplies, KeyBanc believes that its rebound in 2024 will be less significant than that of AVTR, DHR, SRT3, and RGEN. The lack of visible catalysts in the near term further supports their limited upside visibility for the company.

Thermo Fisher recently released its Q3 earnings report on Wednesday.

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