Analyst Note
| Julie Utterback, CFA |Previously a safe haven of essential services in 2020, narrow-moat Fresenius Medical Care released detailed 2021 guidance for a profit decline in the high teens to the mid-20s in 2021 (versus up to a 25% decline highlighted in early February) on COVID-19-related challenges. We recently trimmed our fair value estimate on those concerns, and we do not anticipate changing it materially after this more detailed announcement.