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KeyBanc said it was cutting its rating of Thermo Fisher (NYSE:TMO) to sector weight, stating that it expects the company to rebound less than its peers in 2024.
The investment group said that in addition to “commonly heard macro factors” such as slowdowns in the Chinese market and biotech spending, the company is not expecting destocking to subside until 2024.
“With only around 10% exposure to bioproduction supplies, it will have a less pronounced 2024 rebound than AVTR, DHR, SRT3, and RGEN,” KeyBanc said. “We see limited visibility to upside and with a lack of catalysts in the near term,” it added.
Thermo Fisher released its Q3 earnings report on Wednesday.
