Street View: Thermo's solid quarter signals easing demand weakness
** Thermo Fisher TMO.N raised its annual profit outlook on Wednesday and posted a better-than-expected profit in the second quarter, banking on improved demand for its tools and services used in clinical trials.
SOLID QUARTER BY TMO SIGNALS RECOVERY
** RBC Capital Markets ("outperform", PT: $664) says after lowering forecast twice in 2023, TMO's third straight quarterly beat is a positive indicator of a recovery
** Evercore ISI ("outperform", PT: $605) says relative to fears around macro deterioration, TMO's results should soothe frayed nerves and reaffirm the industry stabilization thesis
** Leerink Partners ("outperform", PT: $600) says TMO's CryoEM (electron microscope) is driving outperformance vs peers in instruments
** Stifel ("buy", PT: $615) says the quarter played out as expected, but mid-single-digit percentage growth in China was a nice surprise
** Bernstein ("Market-Perform", PT: 565) says there is still reason to remain cautious on the timing of market recovery as TMO stated commercial execution drove the beat rather than a faster-than-expected market recovery
Reporting by Christy Santhosh
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