UPDATE: Goldman Sachs Upgrades Thermo Fisher Scientific as End Market Dynamics Improve

In a report published Thursday, Goldman Sachs analyst Isaac Ro upgraded the rating on Thermo Fisher Scientific (NYSE: TMO) from Neutral to Buy, and raised the price target from $114.00 to $153.00.

In the report, Goldman Sachs noted, “We upgrade shares of Thermo Fisher Scientific (TMO) to Buy from Neutral with 24% upside to our new $153 12-month price target. Although TMO shares have outperformed over the past 12 months (+4,500bps vs. S&P 500 and +3,100bps vs. XLV), we think consensus still underappreciates Thermo's long-term growth profile and potential for continued multiple expansion.”

Thermo Fisher Scientific closed on Wednesday at $121.81.