1Q Results Position Steris to Meet Our Full-Year Outlook; Raising FVE
Steris posted strong first-quarter results that were in line with our forecasts. We'll likely raise our fair value estimate by a mid-single-digit percentage for the narrow-moat company as we account for the cash flows received since our last update, but we don't intend to make any major changes to our model.The negative market reaction is probably attributable to the company's reported miss on operating profit, although the bottom line benefited from a more favorable tax rate. Elevated expense...
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