Analyst Note
| Julie Utterback, CFA |Narrow-moat dialysis firm DaVita turned in an exceptionally strong third quarter that allowed it to boost its 2020 bottom-line outlook for the second time this year despite pandemic-related challenges. We have raised our near-term assumptions, and combining those with recently generated cash flows and management's target of double-digit EPS for the long run, we have also raised our fair value estimate to $91 per share from $81 previously.