Analyst Note
| Julie Utterback |Narrow-moat Danaher turned in stronger-than-anticipated operating results for the fourth quarter that pushed full-year 2022 results above expectations. However, COVID-19-related tailwinds look likely to turn into headwinds in 2023, which could negatively affect the top and bottom lines. Considering these roughly offsetting factors in our model, we do not anticipate changing our $242 fair value estimate materially.