1、M IdeaHow were thinking about TMO as we approach 2026:Despite a range of questions across TMOs key end markets through 2025,we think the company has printed a solid set of numbers that still provide reasonable comps into 2026.We believe management has done a good job at framing expectations for the

2、coming year and while not all end markets are back to full health,were encouraged by momentum exiting 2025.Potential for accelerated share gains in Analytical Instruments:We appreciate that TMOs diversified$40bn annual revenue base makes finding undiscovered upside potential challenging.Still,we bel

3、ieve its worth digging deeper into some of TMOs core markets.Weve spent time on TMOs mass spec(MS)and electron microscopy(EM)businesses,which combined generate over 80%of Analytical Instruments revenue.In MS,we think the two product launches flagged at ASMS back in June should continue to drive shar

4、e gains for TMO,particularly in the pharma/biopharma end market where weve heard compelling user feedback.For EM,we believe TMO is best positioned to benefit from accelerating semiconductor demand,particularly given mid-term onshoring dynamics in the US,while the recently released Krios 5 should ext

5、end the companys Whats Changed Thermo Fisher Scientific Inc.(TMO.N)FromToPrice Target$656.00$670.00Thermo Fisher Scientific Inc.|North AmericaOpportunities en Mass;Assuming Coverage at Overweight Morgan Stanley&Co.LLCKallum L TitchmarshEquity Analyst Kallum.T +1 212 761-2351 Edmund TuResearch Associ

6、ate Edmund.T +1 212 761-4794 Jason LaiResearch Associate Jason.L +1 212 761-4848 Thermo Fisher Scientific Inc.(TMO.N,TMO UN)Life Science Tools&Diagnostics|United States of AmericaStock RatingOverweightIndustry ViewIn-LinePrice target$670.00Shr price,close(Nov 28,2025)$590.83Mkt cap,curr(mm)$235,9925