TD Cowen has adjusted its price target on Thermo Fisher Scientific Inc. (TMO) to $683.00 from $696.00 and continues to carry a Buy rating on the life sciences company. The firm’s revision follows quarterly results that included roughly 1.3% organic growth in the fourth quarter, a performance that exceeded expectations yet was paired with forward guidance that disappointed many investors.
The company, which has a market capitalization of $217.73 billion, reported a mixed picture: solid recent organic growth contrasted with first-quarter and full-year 2026 organic growth targets that came in below consensus. TD Cowen highlighted that the company’s first-quarter earnings per share were "well below" analyst expectations. The research note described post-report trading as a "rollercoaster," pointing to investor reassessment of near-term momentum.
TD Cowen emphasized that the first quarter is subject to "unique factors" that are weighing on performance, and that full-year 2026 guidance broadly reflects the company’s prior statements even though sell-side consensus had been more optimistic. Despite the cautious guidance, the research house signaled confidence that improvements in biopharma demand are not fully captured in Thermo Fisher’s forecasts, writing that the balance of probability favors upside relative to the company’s conservative outlook.
Market commentary from other brokerages underscores a generally favorable view of Thermo Fisher. Stifel raised its target to $700 and kept a Buy rating, while Goldman Sachs initiated coverage with a Buy rating and a $685 price objective, projecting roughly 21% upside from current levels. KeyBanc Capital Markets described signs of recovery in the life sciences tools sector and identified Thermo Fisher as a leader within that rebound.
In parallel with analyst activity, Thermo Fisher announced a strategic collaboration with NVIDIA to develop AI-enabled laboratory solutions intended to boost automation, accuracy, and speed by combining Thermo Fisher instruments and software with NVIDIA’s AI infrastructure. The company also disclosed upcoming executive departures, with Michel Lagarde and Frederick M. Lowery set to leave their roles in 2026 to pursue other opportunities.
Bottom line - Analysts remain largely supportive of Thermo Fisher, but recent guidance and a weak first-quarter EPS print have prompted conservative targets and active debate among brokerages about the timing of a sustainable recovery in demand.
Analyst consensus - Wall Street consensus for Thermo Fisher currently sits at 1.56, a Strong Buy reading, reflecting continued favorable positioning by analysts despite the recent guidance caution.