Analyst Note
| Julie Utterback, CFA |Narrow-moat Danaher turned in strong operating results for the first quarter, which included the omicron variant surge that helped the firm exceed our expectations and FactSet consensus. However, Danaher maintained its guidance for the year, which suggests growth will decelerate significantly, and we are maintaining our $200 fair value estimate. Shares still appear rich to us when considering the potential for a profit growth reset, as the COVID-19 pandemic likely turns endemic in the near future.