In the latest trading session, Thermo Fisher Scientific (TMO) closed at $485.21, marking a +1.57% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.57%. At the same time, the Dow added 1.44%, and the tech-heavy Nasdaq lost 0.61%.Coming into today, shares of the maker of scientific instrument and laboratory supplies had gained 0.79% in the past month. In that same time, the Medical sector lost 0.91%, while the S&P 500 gained 0.83%.TMO will be looking to display strength as it nears its next earnings release, which is expected to be February 1, 2021. The company is expected to report EPS of $6.26, up 76.34% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.27 billion, up 35.72% from the year-ago period.Investors should also note any recent changes to analyst estimates for TMO. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.08% lower. TMO is currently a Zacks Rank #3 (Hold).Investors should also note TMO's current valuation metrics, including its Forward P/E ratio of 24.13. This valuation marks a discount compared to its industry's average Forward P/E of 43.93.We can also see that TMO currently has a PEG ratio of 1.34. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Instruments was holding an average PEG ratio of 3.53 at yesterday's closing price.The Medical - Instruments industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 171, which puts it in the bottom 33% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.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