09:45 AM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Following a better-than-expected Q1 results announcement this morning, we lift our target price by $10 to $645, 26.6x our 2025 EPS view, slightly above TMO's five-year historical forward P/E average. We raise our 2024 EPS estimate to $21.95 from $21.74, which stands close to the higher end of the raised guidance range. We also lift our 2025 EPS view to $24.25 from $24.21. TMO reported Q1 EPS of $5.11 vs. $5.03 (+1.6% Y/Y), $0.33 above our forecast and $0.40 above the consensus estimate. Q1 revenue of $10.34B was down 3% Y/Y, yet was better than anticipated -- $140M above our forecast and $170M above consensus. For 2024, we see sales rising by 1.1% Y/Y after dropping by 5% in 2023. We continue to positively view the $3.1 billion proposed Olink acquisition (announced in October). It is still expected to close by mid-2024, despite on-going European regulators' scrutiny. We think the deal makes strategic sense for TMO and could strengthen the company's position in the fast-growing field of proteomics solutions.