Analyst Note
| Alex Morozov |We are anticipating a modest increase to our $590 fair value estimate for wide-moat Thermo Fisher after a strong fiscal 2022. Despite the boost that COVID-19 gave fiscal 2021 and the resulting tough comparables as testing revenue decreased by $4.2 billion, the company managed to maintain flat organic revenue growth and grew its core organic revenue by 14% in 2022. We view shares as fairly valued.