2026年展望：若你相信，或有收获——将工具板块上调至正面

2026 Outlook: If You Believe, YouMay Receive – UG Tools to Positive ’26 Outlook: UG Tools to Positive; A to OW, PT $165 and FTREto EW, PT $15. Last cut thesis + recovering end markets +most under-owned space in Healthcare = great setup forbeat/raise/outperformance this year. U.S. Life Science & Diagnostic ToolsPOSITIVEfrom Neutral U.S. Life Science & Diagnostic Tools Luke Sergott+1 212 526 9258luke.sergott@barclays.comBCI, US We think the recent pullback is not reflective of the positive change in investor sentiment from3Q and chalk it up to the space moving too hot too fast and quickly pricing out those waiting onthe sidelines for more clarity on the end market recovery. With that said, we think Tools have agreat setup into next year and could be a great comeback story within healthcare. Anna Kruszenski+1 212 526 0102anna.kruszenski@barclays.comBCI, US Healthcare has been under-owned over the last few years,and Tools have been at the bottom of the barrel during thistime. Why buy healthcare when you can own tech/AI and allof the ancillary industries benefiting from the boom?However, interest has grown from generalists and LOsduring our marketing and the feedback has been, “oh, I’mstill going to be underweight healthcare, just not as much.” And to a Tools beggar starving thepast three years for investor interest, this sentence is a feast. See the deck for our viewson key industry themes andcompany one-pagers. Salem Salem+1 212 526 3431salem.salem@barclays.comBCI, US Jacob Putman, CFA+1 212 526 5704jacob.putman@barclays.comBCI, US We have gotten some pushback from investors on the last cut / end market recovery thesis,namely that we have seen this movie before. They point to the recent move in the space during3Q where management teams essentially beat/cut and talked-down their way through EPS andthat the end markets are not great, they are just less bad. And we agree with this sentiment forthe most part, and fear that there might be some volatility through 1Q that gives us vibes of thepast three years of whipsaws. For instance, we think that there is a good chance that stocks runinto 4Qoffof a “they sounded good” at January conferences + in-line/slightly better 4Q + a “de-risked/conservative” 1Q guide that has the potential to turn out to be exactly what thecompanies could deliver in April. If we step back to look out for the full year, every data point shows that we should start seeingimprovement in end markets, notably within biopharma. Management guides have taken downthe floor to reflect a flattish environment for 2H’25 at the bottom end of their guidance ranges(for the most part). Lastly, valuations are notoffensive.They are also not cheap by any means.But we see wiggle room for more multiple expansion when looking at the space on a relativevaluation framework. And as generalists/LOs look to be less underweight in healthcare, they aregoing to look at Tools as a good starting point to build out their healthcare positions. Thetraditional core healthcare book involves the couple handfuls of large caps: UNH, BSX, SYK, Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Please see analyst certifications and important disclosures beginning on page 37.Completed: 12-Dec-25, 23:14 GMTReleased: 15-Dec-25, 05:10 GMTRestricted - External ISRG, LLY, MCK, TMO, DHR, IQV, and maybe a few more on the healthcare services side. Everysector has its issues, but few have good line of sight into a recovery like we do with Tools. And ifwe start to build momentum throughout the year, we would expect Tools to continue to get thebid starting with TMO and DHR. It is sad to say, but if those two stocks are not working, then therest of the space is not going to work for obvious reasons. So given this setup, we get moreconstructive on the space and UG our view on Tools to Positive. We also UG A to OW and FTRE toEW. On the playbook for the year, it really hasn’t changed much since 3Q – we like bioprocessing +QA/QC for the visibility (TMO, DHR, RGEN, A, MTD), some A&G/R&D exposed names for thelonger term (TMO, BRKR, CRL, CERT, RVTY), and specialty Dx (NTRA, GH) given the inflectionswithin LB. Most of these names are consensus longs, except for MTD, RVTY, and BRKR to someextent. Upside drivers to frameworks/guides: •Bioprocessing/Biopharma mfg:Investors looking for clues on E&I coming back and if we getearly bookings in 1Q, then we could see 2H’26 upside and great momentum into ’27 with theexpectation of a strong rebound from onshoring activities beginning to ramp. We still take acautious outlook on benefits from onshoring, but given how long it has been since theinstrument growth cycle, we could see >500bps incremental