UPDATE: BTIG Initiates Coverage On Thermo Fisher Scientific Inc.

BTIG initiated a Neutral rating on Thermo Fisher Scientific Inc. (NYSE: TMO) with an expected trading range of $110 to $130.

Analyst Dane Leone claimed that while the company is well run and “can sustainably expand sales above end‐market growth rates,” he thinks that “market expectations already reflect solid growth.”

According to Leone, “Thermo Fisher is one of the largest and most diversified analytical technology companies globally. The company has steadily expanded sales on an organic basis between 3-4 percent annually” since 2009.

Due to existing market expectations and “given the scale of the organization,” Leone did not “expect a structural change in the growth rate in the medium term - leaving little room for upside versus current analyst estimates.”

Thermo Fisher Scientific Inc. closed at $119.16 on Thursday, down 0.34 percent.