Stock Analyst Update

Following the news the Biden administration supports a proposed waiver on intellectual property protection for COVID-19 vaccines, we are not changing our FVEs to COVID-19 vaccine firms.

Moderna shipped 102 million doses of mRNA-1273 in the first quarter, and reported sales of the vaccine of $1.7 billion in the quarter tracked closely with our $1.9 billion forecast.

We have pulled forward our recovery expectations and make no change to our fair value estimate or our wide economic moat rating.

Uber's first-quarter top- and bottom-line results beat FactSet consensus estimates.

Demand for its ridehailing service continues to improve, indicated by a strong sequential increase in and steady monetization of riders.

We expect sales will fall substantially after 2022, limiting the impact on our valuation.

We think shares still look undervalued.

The company purchased AOL in 2015 and Yahoo in 2017 to build a media empire.

We plan to lower our tobacco valuations by mid-single-digit amounts.

The second virtual meeting lacked quality questions at the managers about the inner workings of Berkshire's businesses.

Berkshire Hathaway announced that Greg Abel would become the next CEO when Buffett departs the scene.

Revenue, which includes unrealized and realized gains/losses from Berkshire's investments and derivatives portfolios, increased significantly.

With strong cash flows and a healthy balance sheet, narrow-moat company announced a 4% dividend increase.

Our fair value estimate and moat rating remain.

We continue to view AbbVie as fairly valued with a good appreciation of new drugs partially offsetting the likely U.S. generic pressure to Humira.

We are again impressed by Amazon's earnings power as COVID-19 costs roll away.

The firm's U.S. market, boosted by stimulus spending and February's chicken sandwich launch, healthily exceeded 2019 levels on a two-year stacked basis.

We will maintain our fair value estimate and wide moat rating.

It expects the second quarter to have similar wholesale problems to a year ago, but this time due to the semiconductor shortage.

We continue to view the stock as undervalued.

We are raising our fair value estimate as we incorporate a stronger near-term outlook due to the current 5G iPhone cycle and ongoing work- and learning-from-home dynamics.

Given strong demand from advertisers, which we think will be sustainable as the economy recovers, we have increased our projections.

We are maintaining our fair value estimate for the wide-moat company.

We expect the Fed to hold off on hikes until inflation is at or above 2%.

We increase our General Electric fair value estimate to $15.10 from $14.10 previously, primarily due to interest rate tailwinds in GE’s pension liability, as well as time value of money.

Strength in the U.S. market was encouraging, and we modestly raise our fair value estimate.

Wide-moat Microsoft is benefiting from a second wave of digital transformation as well as strength in gaming, which helped the company once again drive material upside compared with its revenue and EPS outlook for the quarter.

Continuing strength in ad revenue due to the economic recovery, which drives more brand ad spending, and higher direct-response ad spending drove growth higher. The strong ad business was combined with the firm’s successful revenue diversification as the cloud segment is benefiting from digital transformation and wider adoption of cloud by businesses of all sizes.

AMD reported its sixth consecutive quarter of double-digit revenue growth thanks to broad-based PC, server, and game console strength.

Processed transactions in the quarter were up 8% year over year.

We are increasing our Tesla fair value estimate to $354 from the time value of money adjustment in our model.

We remain optimistic on Intel’s IDM 2.0 strategy to get its manufacturing back on track and develop a more meaningful foundry strategy. Nonetheless, we expect the next few quarters to be challenging.

Our fair value estimate remains $36 per share.

Here is what our new COVID-19 vaccine forecast revealed about the no-moat company.

Shares for the narrow-moat utility remain slightly overvalued.

We're not changing our $57 fair value estimate.

We continue to think that the expansion of Disney+, HBO Max, and other services will increase churn and pressure gross adds for Netflix over the near future. We maintain our narrow moat and fair value estimate of $250.

We increased our fair value estimate for the wide-moat company.

P&G intends to raise prices across its U.S. baby, feminine, and adult incontinence segments.

We don’t expect the COVID-19 vaccine sales to affect our fair value estimate.

We maintain our valuations and wide moat and negative trend ratings for the cigarette makers as reports have surfaced that the Biden administration is considering lowering the nicotine and menthol levels in cigarettes.

Market volatility and security concerns increased mainframe capacity needs, leading to nearly 50% year-over-year growth in the seventh quarter since the z15 model’s launch.

The strategic framework is intact following IPO plans at Coca-Cola Beverages Africa.

We are raising our fair value estimates for Carnival and Royal Caribbean.

We don’t anticipate a material change to our $70 fair value estimate.

We are maintaining our fair value estimate, but we have raised our expectations for operations.

We're increasing our fair value estimate to $76 per share from $74.

We think shares are overvalued but would be buyers on a pullback.

We don't plan on making a change to the wide-moat company's fair value estimate.

Annualized organic AUM growth of 6.8% was well above our long-term target of 3%-5% annually for the wide-moat company.