12:20 AM EST, 02/21/2023 (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:
Our 12-month target price remains $564, reflecting a 22.5x multiple on projected '24 EPS, in line with TMO's recent historical forward average. We keep our '23 and '24 EPS estimates at $23.24 and $25.05, respectively. Our upgrade is on valuation, with shares now trading slightly below our 12-month target price. We note that the consensus view for TMO has ratcheted back on margin expectations in '23, and EPS expectations in '23 are now more muted, although they still remain somewhat bullish for '24. We think EPS expansion in '24 is mainly predicated on China's economic recovery, and although we remain wary, we think the odds of a gradual recovery in '24 are better than a rapid one in '23. TMO does not particularly emphasize dividends in its capital allocation policy (a yield of 0.2%), but did project to reduce shares outstanding by 1.5% in '23 to 388 million shares, via a buyback program.
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