Exact Sciences Corp

EXAS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$71.00	Pzjzk	Znsnrfwx

Exact Sciences: Assuming Coverage With $78 Fair Value Estimate, as Robust Pipeline Not Yet Derisked

Jay Lee

Oct 10, 2023

We are transferring coverage of Exact Sciences, keeping our moat rating at none and raising our fair value estimate to $78 per share from $68 previously. This is driven by a more optimistic view of Cologuard's revenue and the addition of molecular residual disease, or MRD, testing and single cancer screening revenue, and partially tempered by a more conservative view of its multicancer early detection, or MCED, test.

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