Guardant Reports Good Q1 Growth; Slightly Delayed Trial Read-Out Does not Change Our Long-Term View

Coming amidst market volatility and a share price seemingly in free fall, Guardant Health reported solid first-quarter results with top-line growth meeting expectations, and a net loss coming in a tad lower than we had anticipated. Though our no-moat rating and $91 fair value estimate are unchanged, we continue to believe Guardant’s strengthening intangible assets supports the firm’s positive moat trend rating. We see shares as undervalued, with the stock trading at a price to fair value estimate ratio of 0.56.