Stock Analyst Update

Our fair value estimate remains with the shares now trading at only a modest discount.

We are maintaining our wide moat rating and expect to raise our fair value estimate.

We view Gap as undervalued but expect to reduce our fair value estimate based on the sales trends and expected margin deterioration.

We are raising our fair value estimate, but shares of the narrow-moat firm look expensive.

Shares of the narrow-moat firm look attractive today.

No details of the takeover offer were provided, and we are maintaining our fair value estimates for the firms.

We view shares of the narrow-moat firm as undervalued.

We suggest investors await a more attractive entry point before buying shares of the narrow-moat firm.

We believe that investment in narrow-moat Uber requires patience, and view the stock as attractive.

Easterbrook's departure is a surprise, but there is no change to our fair value estimate for the wide-moat firm, and we see shares as modestly undervalued.