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Quarter-End Insights

Our Outlook for the Stock Market

The rally has curtailed our shopping list, but we still see opportunity among wide-moat firms.

We thought the market looked pretty cheap back in March, but stocks have appreciated toward--and in many cases past--our fair value estimates in recent quarters. While we still see opportunity within a variety of sectors, it's primarily among firms with wide economic moats.

That's the bottom line from our big-picture review. Morningstar equity analysts cover about 1,700 companies and develop sector and overall market outlooks on a quarterly basis.