BD's First-Quarter Preliminary Revenue Results Backed by Coronavirus, Maintaining FVE

We are currently maintaining our fair value estimate of $282 following the preliminary first-quarter revenue results and updated management guidance by narrow-moat Becton, Dickinson, or BD, prior to the full first-quarter earnings release on Feb. 4. BD’s preliminary fiscal first-quarter results put total revenue at approximately $5.3 billion, translating to nearly 26% growth year over year. Subsequently, management has narrowed its fiscal 2021 guidance from revenue growth in the high single- to low double digits to the higher end of the previously stated range, and forecasts adjusted diluted EPS to be above $12.60.