Thermo Fisher Scientific (TMO.N): From the Road: Building Blocks to High Single Digit Growth in 2028 Fundamentally Sound

We reiterate our Buy rating and raise our price target on TMO stock to $720 from $635 following investor meetings with Thermo Fisher Scientific. Thermo's ongoing execution, along with continuing end-market improvement over the ensuing quarters, should provide investors with additional proof points that its building blocks to high-single-digit growth by 2028 are fundamentally sound. Investor discussions focused primarily on: the building blocks to 2027 and 2028 organic growth; a review of 2026 performance to date; end-market conditions and forward outlooks; the impact of AI on the biopharma ecosystem; China; margin levers;