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Shares of Thermo Fisher Scientific (TMO)  were higher during mid-morning trading on Friday following after Cantor Fitzgerald initiated coverage of the stock with an overweight rating and a $194 price target.

Management at the Waltham, MA-based biotechnology product development firm is "well positioned" to take advantage of positive secular trends and "attractive" end markets, Cantor analyst Bryan Brokmeier noted.

Thermo Fisher's strong reputation with consumers in a "highly-fragmented" industry will create organic growth opportunities at the "likely" expense of weaker competition, Brokmeier added.

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