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March 12, 2024 at 01:57 PM
Morningstar analysts began raising the fair-value estimates of the 885 U.S.-listed stocks that the firm covers following strong fourth-quarter earnings reports, associate data analyst Bella Albrecht writes in a new blog post.
The average fair-value estimate increase this year was 2.07% through the end of February, the biggest average increase since 2.82% in the fourth quarter of 2021.
Among the stocks that analysts scanned for changes, one-tenth experienced meaningful improvements of 10% or more to their fair-value estimates. That was above the 7% quarterly average for the past decade.
At the sector level, 19% of technology companies’ fair-value estimates increased by at least 10%, with an average increase of 3.8%. Fourteen percent of financial services companies’ estimates did so as well, with an average increase of 3.3%.
Industrials had the biggest average increase at 4.9% and matched the overall rate of increases across all sectors, with 10% of companies in the category experiencing a meaningful Fair-value spike.
See the accompanying gallery for the 10 stocks with the biggest fair-value estimate increases. All data is as of March 7.
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