Thermo Fisher Scientific Inc

TMO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$764.00	Frjb	Lmfmbrmckb

Thermo Fisher Earnings: More of the Same, Second Half Should Return to Growth

Alex Morozov

Jul 24, 2024

We are maintaining our $630 fair value estimate for wide-moat Thermo Fisher following its second-quarter results. Organic revenue declined 1% in the quarter but was effectively flat once adjusted for the remainder of the covid-19 revenue in the prior year. Performance on the top and bottom lines is in line with our forecast, and the company is now set to recover in the second half of the year.

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