Stock Analyst Note
Danaher Earnings: Showing Signs of Life in Bioprocessing, but No Change to Our Fair Value Estimate
Narrow-moat Danaher turned in better-than-anticipated operating results, including signs of a turnaround in its bioprocessing business. Free cash flow is also roughly tracking toward our expectations and we are keeping our $255 fair value estimate intact. Shares have recently been trading near fair value, in our opinion, so while notable given its typical focus on acquisitions, its share repurchases of $5 billion in the quarter look merely value-neutral to us.