** Shares of Thermo Fisher TMO.N are down 1.5% to $428.26 on Mon after HSBC analysts cut their PT

** TMO is on track to lose ground after two consecutive sessions of gains

** HSBC cut TMO PT to $540 from $560

** Among 31 analysts that cover TMO, avg rating is "BUY" and median PT is $550, down from $560 a month ago

** TMO is down ~18% YTD vs S&P 500 health index .SPXHC, which is down ~2%

(Reporting by Chibuike Oguh in New York)

((Email: Chibuike.Oguh@thomsonreuters.com; Phone: +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))