Thermo Fisher Scientific's (TMO) broad-based improvement in Q2 is not enough to "meaningfully" change the forecast for its H2 outlook, RBC Capital Markets said in a Thursday note.

The company's "strong" results for the quarter were highlighted by its Analytical Instruments segment exhibiting organic growth of about 7% and segment margin expansion of around 420 basis points driven by electron microscopy and mass spectrometry, the firm said. The Specialty Diagnostics and Lab Products and Biopharma Service segments both beat expectations, while Life Science Solutions was the only segment that did not surpass the consensus estimates, according to the note.

Thermo Fisher's four end markets all saw improved customer activity, with the pharma and biotech markets growing a mid-single-digit percentage, and the academic and government market rising by a low-single-digit percentage, the note said.

The company's increase of its full-year organic growth guidance to around 4% and adjusted EPS to a range of $24.93 to $25.33 implies little change to the H2 outlook, RBC said.

RBC maintained the company's stock rating at sector perform and raised the price target to $580 from $490.

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