Thermo Fisher Scientific (TMO) closed the most recent trading day at $546.27, moving +1.17% from the previous trading session. This change outpaced the S&P 500's 0.2% loss on the day. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.12%.Heading into today, shares of the maker of scientific instrument and laboratory supplies had lost 0.96% over the past month, lagging the Medical sector's loss of 0.3% and outpacing the S&P 500's loss of 3.29% in that time.Thermo Fisher Scientific will be looking to display strength as it nears its next earnings release, which is expected to be October 26, 2022. On that day, Thermo Fisher Scientific is projected to report earnings of $4.76 per share, which would represent a year-over-year decline of 17.36%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.86 billion, up 5.67% from the year-ago period.TMO's full-year Zacks Consensus Estimates are calling for earnings of $22.94 per share and revenue of $43.16 billion. These results would represent year-over-year changes of -8.71% and +10.07%, respectively.Any recent changes to analyst estimates for Thermo Fisher Scientific should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Thermo Fisher Scientific is currently a Zacks Rank #3 (Hold).Investors should also note Thermo Fisher Scientific's current valuation metrics, including its Forward P/E ratio of 23.54. This represents a discount compared to its industry's average Forward P/E of 26.43.It is also worth noting that TMO currently has a PEG ratio of 1.68. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Medical - Instruments industry currently had an average PEG ratio of 1.9 as of yesterday's close.The Medical - Instruments industry is part of the Medical sector. This group has a Zacks Industry Rank of 136, putting it in the bottom 47% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow TMO in the coming trading sessions, be sure to utilize Zacks.com. Just Released: Free Report Reveals Little-Known Strategies to Help Profit from the $30 Trillion Metaverse Boom It's undeniable. The metaverse is gaining steam every day. Just follow the money. Google. Microsoft. Adobe. Nike. Facebook even rebranded itself as Meta because Mark Zuckerberg believes the metaverse is the next iteration of the internet. The inevitable result? Many investors will get rich as the metaverse evolves. What do they know that you don't? They’re aware of the companies best poised to grow as the metaverse does. And in a new FREE report, Zacks is revealing those stocks to you. This week, you can download, The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks. It reveals specific stocks set to skyrocket as this emerging technology develops and expands. Don't miss your chance to access it for free with no obligation.>>Show me how I could profit from the metaverse!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Thermo Fisher Scientific Inc. (TMO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research