TD Cowen reaffirmed its Buy rating on Danaher and held its $270.00 price target after the life sciences company reported fourth-quarter results and issued guidance for the upcoming quarter that landed a touch under street expectations. Danaher shares closed down 5% after the report and were trading at $222.43; the company carries a market capitalization of $156.64 billion and its stock has fallen 6.47% over the last week, according to InvestingPro data.
Analysts noted that Danaher had pre-announced a stronger-than-anticipated fourth quarter, but the subsequent market reaction appeared linked to the companys cautiously framed guidance for the first quarter of 2026. Despite the sell-off, consensus analyst sentiment remains firmly positive, with a consensus recommendation of 1.4 - equivalent to a Strong Buy - and price targets spanning $220 to $310, per InvestingPro data.
TD Cowen flagged that the forward guidance prompted downward revisions to analyst estimates, and early indicators for 2027 point to what the firm characterized as a more modest growth year relative to current consensus. The research house suggested management may have deliberately adopted conservative forward-looking remarks, noting that a new chief financial officer is joining the company and could have shaped a more restrained tone around near-term expectations.
The firm also linked the cautious outlook to what it described as "several challenging years" for Danaher and for its positioning within the tools sector, while stopping short of altering its long-term stance. TD Cowen maintained its positive long-term perspective, reflected in the unchanged Buy rating.
On the fundamentals, Danaher reported fourth-quarter 2025 earnings that beat analyst projections, delivering earnings per share of $2.23 versus a forecast of $2.14. Revenue likewise exceeded estimates, coming in at $6.84 billion compared with expectations of $6.79 billion. The firms reported results topped forecasts, but some investors voiced concerns about the company's short- to medium-term growth trajectory following the conservative guidance commentary.
Market observers and other research shops have largely retained constructive views. KeyBanc reiterated an Overweight rating and kept a $310.00 price target on Danaher, pointing to robust bioprocess growth and improving market conditions; KeyBanc also noted that this quarter marked the fifth consecutive period of high-single-digit or better growth in bioprocess for the company. Evercore ISI adjusted its valuation modestly, lifting its price target to $254.00 from $250.00 while keeping an Outperform rating. Evercore commented that Danaher's pre-announced fourth-quarter results contained no material surprises.
These analyst actions underscore an ongoing confidence among sell-side firms in Danahers market position and longer-term growth potential, even as some near-term estimates shift downward and the company signals a more conservative path into 2026. The mix of an earnings beat, slight revenue upside and guarded forward guidance has created a bifurcated reaction: solid underlying performance on one hand and investor caution on the other as management transitions and visibility into 2027 remains less certain.
Contextual note: The reporting above reflects analyst assessments, management commentary and reported financial results as provided in the companys fourth-quarter disclosures and subsequent guidance; it does not introduce additional forecasts or outside data beyond those cited.