In an industry initiation note, Citi analyst Patrick Donnelly called Bio-Rad (BIO), which he initiated with a Buy rating and $450 price target, and Thermo Fisher (TMO), which he initiated with a Buy rating and $380 price target, his top picks in the Tool industry. He called Bio-Rad a "unique value story" with a "significant margin expansion story still in the early innings," with high teens EPS growth potential in the next two years. He called Thermo Fisher's management "best-in-class" and sees capital allocation opportunities serving as positive catalysts for the company.