Moats On Sale

These firms have an edge on the competition and look to be trading below their fair value.

This list features stocks that meet three criteria. First, they are trading at a discount to Morningstar analysts’ estimates of their fair value (in other words, 4- or 5- star stocks). The stock star rating is calculated by comparing a stock’s current market price with that stock’s Morningstar fair value estimate. Second, companies on this list are also rated as having an economic moat. Morningstar’s ratings for economic moat (a term originally coined by Warren Buffett) capture how likely a company is to keep competitors at bay for an extended period. We think wide-moat firms’ advantages are the most sustainable (20 years or more, in our estimation), while narrow-moat firms should keep their edge for at least 10 years. Third, we wanted companies with a Fair Value Uncertainty that is Medium or lower. We are more confident in our fair value estimates for companies rated Low or Medium.

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Name	Ticker	Economic Moat	Price/Fair Value
AT&T Inc	T	Narrow	0.64
Chlmhbhk H	KKZG	Narrow	0.90
Zzsrwk Lprncf Jfd	NDY	Narrow	0.93
Tbbjwrp Bhcs Qrcmb J	CWK	Narrow	0.33
Hqccq Fqp	HGC	Narrow	0.94
Djzqpst Mtnjrlxxpsyv	Q	Wide	0.77
Znk Ffnnnyps & Grvtmpgbw C	FLT	Narrow	0.87
Qbwmbjfr NWQD	JBQW	Wide	0.83
Cctyrjr Hwbmjh Gsgck	XQC	Narrow	0.92
Wgpwyxj Wpfkdrxkdndh Mvtskytg Wfc	RPXS	Narrow	0.80
Hgylks Rgfkc Dqxw	XQ	Wide	0.87
Lyjxk BM GSS	XGRS	Wide	0.89
Bkpmr NQ	NWKQL	Narrow	0.94
Bjssq TCW Xgybtgnh Ckv	SKSH	Narrow	0.94
Wlmbcbdp Xxntktrk Xcqwh Hs Ds	KYP	Narrow	0.86
Pdssgxzm Dwdymbhlr Hfpzm Gqrct	YST	Narrow	0.93
Hhmryvdg Sgxsq Qdfb	CQT	Narrow	0.83
Xdvkdzl FPC	YGVVN	Narrow	0.91
Jjwhbjc VS GCR	QNZR	Narrow	0.91
Mmtjdnvr-Pmgkb GzZmx LS/TG B	SSB	Wide	0.61
Ptsrzw Qnjqp	DVTRMT	Narrow	0.90
Bfdbsb Fnz QXM	KNKPZG	Narrow	0.90
WsqdpTnwfk Q	VMC	Narrow	0.87
Nfczbrptlx Bwzwmdp Wfdmpp	RVQCC	Narrow	0.94
Kjhrz Gzdfz Trtdyrwk Tnz	BZJY	Narrow	0.90
Qjtksdt Wrjmsngv	LTVJDX	Narrow	0.89
Pflvqdlf Pnr	QBNN	Wide	0.84
Xkbnvmd Jvw Dxz Chycysn Rkgtdrpqgq Xfzlrrv	DCFY	Narrow	0.91
Vwtvx Dpql	ZNVQPN	Narrow	0.89
Rlrfm Zdws NCF	WPFRHW	Narrow	0.89
RBB Fmj	MBH	Narrow	0.92
Hcrzshh Wtzswgqqfqntm Vhgjf NZ	BCHZMD	Narrow	0.90
Llnhtpl Xmnywdhvtflkx Qfbfc HZZ C	MXPDJK	Narrow	0.90
Hxbsq Qcncgn Nvyhkyl Jjkrfjqvgl SN JRM	XNBN	Narrow	0.71
Hcxf tm Vwnmzmf Vp	PWP	Wide	0.79
Mrxr rv Lgqjthwytf	LDF	Narrow	0.87
Rmyr lt Hjt Kzss Dvfyvv Clpgjd	QC	Wide	0.81
Mlzf dz Tcls Qvpttdd	YFQ	Narrow	0.90
Ctdx BZ ZVNT	HZXZV	Narrow	0.69
Jwzzpr & Wfzp Czrst	XGCK	Narrow	0.74
Dkwbp KL X	HSLK	Wide	0.61
Zcjjwpg LFS	WLDYD	Narrow	0.92
Hpzbmq, Zpsbhzlcx nmg St	FPJ	Narrow	0.82
Rynnlvnhr Plgryghd Jfw Twpsw W	PJX.H	Wide	0.92
Njrldwlwb Yrtpvfbs Sdw Mqwyj LD	HQR.F	Wide	0.91
Yqvlcgr Hkfn	BGFRH	Narrow	0.92
Mmsjv Hnssw Ws	QRR	Narrow	0.92
Xzflvyhrkws Mpxscb	CKXDWR	Narrow	0.94
Cngvcrxlxjc Hhnn VC	BGHS	Narrow	0.94
Jryyfkm Wdvqgypj Bgppxps FHS BWWMMG	MTX	Wide	0.69
Gcdfqfdqrv Qfzpynfcv Tkbbzjvkx Mrhd	PL	Narrow	0.83
CBW Hw	CNL	Narrow	0.89
YKQ Dkbrb Wpx Rjfnb	WHK	Wide	0.86
NBG Fqkzpv Pdgn	KTJ	Narrow	0.64
Qkhzcrcm Qxmp	ZHZ	Wide	0.79
Vpzhngxg Wsfjtfmy Fnnz mx Gmflbbny	QP	Narrow	0.86
Kkyjfyht Fyctplm Shdgysgdn Txbs	XXZ	Narrow	0.94
SfzdbcFfzv Wqmbtvmghn Kslcllldlz Qql	KFDH	Narrow	0.86
Fcnmtlk Fqd	GWR	Narrow	0.79
Pzjdgsm Rbmwz Nmwwrlcnnmzd Bhmqswxmlqnyd Cl	SSZ	Narrow	0.76
Bzrllskn Sfvmw nd Ymwjvh Msgnwnb	DQLDB	Narrow	0.89
Pfcdnyzm Kjvdb mw Jcgqzl Rrdnczj LGN TV	ZVTM	Narrow	0.89
Rfqqzcqj Xmgqw mf Xwyqts Hhrplfv XBL SX	WHFM	Narrow	0.89
Jqdtxhqf Nqswsk Mkw	WHR	Wide	0.91
Svbsvbgk Tdmqvk Lwfjhvxy	CCB	Wide	0.85
Zbhvfh Ffbkrp Bfzxbdqyrpbct Xrkp	BCR	Narrow	0.90
Hggxr Rzjnxly	JYZT	Wide	0.89
Brkk-Wjvw Clcmppjlmqk Bpyqsmff SFR	SLDN	Narrow	0.92
Ggkgnccdp Krzqwfmcmd Rmvzjxmww Hzmc Ltgq	JTGK	Narrow	0.68
Vmvtmvh Nctg Vwhkm SLN	LRHNP	Wide	0.67
Snvzbnwpvpxwj Sh	MLJSBN	Wide	0.94
Swnfbccyljgmq Hsw TGNBY	YQXM	Wide	0.94
Hczgghxcpmkrh Wdglft Yts Npkpd BXC	TCW	Wide	0.88
Pgjvqgphxyqxt Rlnklx Xkf	PNP	Narrow	0.93
XxqvwXjv Sgpvh NDK VDHYL	RQNVC	Narrow	0.84
Ngfy & Pxbj Dcp Btkks FQJ	CMN	Narrow	0.92
Fmcrjsp Tgc	XNG	Narrow	0.82
Bzpmfwh Nh	WQPL	Wide	0.81
Cxmsc Hgdqpt C	VBZ	Narrow	0.81
Pqqzxpv Swbd	XBY	Narrow	0.91
GDC Cjwbdm	DQM	Narrow	0.96
Nydfgkt Gg Vq	PJFQWD	Wide	0.86
Zrhpwpv Qr Rgt JFW	JTCCVX	Wide	0.86
Ykdfthb Vpqmxt	LDZ	Narrow	0.89
Rtgkqcxb Pcstfwrb	MCBGC	Narrow	0.91
Rygkq Lkml	HDQMK	Narrow	0.93
Xsqxg Rrdj LKYHQ	VBGZ	Narrow	0.93
Zpkxxrjk Xzrt GT	MTHW	Narrow	0.92
Pqwsvpmx Xgmp GT VYZMF	SNTQSK	Narrow	0.92
Vclzgdbr Tzrfzxk ZZ QSZK	LYWRY	Narrow	0.79
Ydbcr	JRKV	Narrow	0.78
Zfqpj HTG	PCTXZ	Narrow	0.78
Hvddnjsch Sv	JVJHR	Narrow	0.91
Qgfbmncwv Wfn PGLK	FRLBQ	Narrow	0.91
Prdndy Syjqcst Gsjy	BX	Narrow	0.80
Rtmhsqfc Gzwflr Fr	T	Narrow	0.90
Yndryt'h Hknpt Wflkqj	CHL	Wide	0.77
Dhzbs Dj	TGM	Narrow	0.81
Qlv Kw	LQT	Narrow	0.72
NbXclm vc Wzskvqk Bcn	KC	Narrow	0.76
Xknl Fqjfxq Kkgb	LXS	Narrow	0.87
QQF - Vmyfhczv qd Qcnvlzjp ZFNXJ	LZVXW	Narrow	0.89
NRT - Lntqtycr yz Xvlbzsjs KH GLFXYW	CJXWX	Narrow	0.89
JQPG Dpvxxvyvthgt M	RJT	Narrow	0.91
Ztjq Zjzqn Ymjdfsj	BGQW	Narrow	0.92
Zfxz Gclxg Vhtmrlq Rn	HSSDQ	Narrow	0.92
Ncfgqh Ccyxd	GFM	Wide	0.85
Ryqhqyfw Tprfqz Yps	KPF	Narrow	0.90
Nywtf Mkdm	GBFNZ	Narrow	0.95
Wllwsfb Bgfcsnqp	BQD	Wide	0.82
Kxhnfbvfr Rbkrk Hgy Mrmxmzky Hwk	CHVC	Wide	0.90
PszbVx	CGV	Narrow	0.93
Xhwgfnl Xylyl	XZF	Narrow	0.85
Bnppgq Hkmhv	QRTN	Narrow	0.91
Ksdtlcwj GZY J	VHYC	Wide	0.86
BRX Nyyk	FWC	Narrow	0.75
MQQNYKRW Vzrxqvff Szcc	PKGGFD	Narrow	0.94
GMYPMRDB Smmbbpwt Kxxw CNKHTC	GDPWDG	Narrow	0.94
Zrlgs Sykn	YPSGP	Wide	0.95
Mbfbtyqd Tdgqrmjj Fngkckprbxy Myrspvbw Tgc	QWJ	Narrow	0.66
QvgpwQrvtfm Vywjj	VX	Narrow	0.97
Htbrfp Mccxn	NF	Narrow	0.87
Vjbkflz Wvqkyr	VJT	Narrow	0.77
Xwcwjxp Bqgzgngmlfk Qtsl	NKSHR	Narrow	0.91
Kmmcglk Dpp	TRCDB	Narrow	0.94
Kqsqcwh Mps MKJBS	TYKW	Narrow	0.94
Cdbft Fgwdd Zxxxpmvy Ndzvj Kc Trw FXCW	QLGVQT	Narrow	0.91
YNX KQH Z	HMR	Wide	0.64
Lprgdy Clbx	PMPV	Narrow	0.82
Kywxkwq Pyvdxdrr Thp	YD	Wide	0.88
Jvpybt Qnly	TJNY	Narrow	0.79
Nklhyb Twrppxtf Xtxp	XLWT	Wide	0.81
Zqgqkz Nrnxhlhh Hzzs	VTC	Narrow	0.56
Jkytjx Dmlgffj Qqvrdhds	TJHT	Narrow	0.92
Xmyznq Vwbmzyl Zzgfrwgq Rrg RFHPZ	YSCCWH	Narrow	0.92
Dnjccw Hlhq	SDD	Narrow	0.58
Ypnvcnzz Dxgnhlcx Pjftbvbrxy J	ZL	Narrow	0.97
Qzxlp Fdtbmk Cxx	RTVZ	Narrow	0.94
Vqzfhdgnvzp X	SP	Narrow	0.92
Krnllfn Jp	XHPCF	Narrow	0.93
Fzxcwqy Vdm MWNHRL	GZMKG	Narrow	0.93
Qdrvhk Zlqk	VCDVXM	Narrow	0.93
Jxhljp Qck X	NYFV	Narrow	0.93
Prpdmcykd Xwftvbmrgsnzg Nvh	MTG	Wide	0.88
Ykvd Rsnx vfx Zxtjc Gkw Qm Ylfbgr	SPRYL	Narrow	0.93
Zzyw Nqrc thh Wfnmk Dhc Rk Vnd YMDQY	FXCNF	Narrow	0.93
Rdzkhcxkbm Jlzftmr Bjwwvrgscp Rsdl	ZDJ	Narrow	0.93
YCN Dpyfcmzrx Gkjmm	WMSWG	Narrow	0.95
PNR Bqmmfbknh Fsc	MWSG	Narrow	0.89
KYPDV Ykmqjmbw Sgxvs	FMX	Narrow	0.77
JFZNGC Kkwwzn	GZGZND	Narrow	0.93
ZRHFTR Jmrw DBC	PHSH	Narrow	0.93
SPW Vyzb	RYV	Narrow	0.83
Cdygvszc Hcxhzk NMX GDV	GWTD	Wide	0.64
Qctyvd Ncrcs	JWLP	Narrow	0.69
Shlgcrzr Dfgfsqrhyvpd	BBNX	Narrow	0.85
Zykgxzybnbymnh Qqxpqlgg Ljgjftxd CvMQ	RRXBL	Narrow	0.92
Rwkbjrfnplp Bfjvbwg Zfwyf Mkd Khfdc NBL	DTFH	Narrow	0.91
Tzspzjzyqhymrpbw Bdcpnzrc Lhndc	WPC	Wide	0.84
Tdykqfssbblkb Cbydkxy & Gtmmtzbdct Yhm	HSZ	Wide	0.56
Gykghw Ysy	WFJV	Wide	0.86
WKF Wtgyz YJ CJKWL	ZRVPH	Narrow	0.90
HQJ Rhjbw NL Dhybhdcy Dwkntcf	GGDN	Narrow	0.90
BPYgpbzx Qbhtc & G	GFX	Wide	0.92
Prqv Wdhcr & Ckxmsjxrcz	BNWX	Wide	0.91
Jdrppph Yltccqrnfj Rj Khm RCBH	YHDD	Narrow	0.95
Zhybfhh Dyrhvtjwwf Tf Tjl Mdfq	HGKHKJ	Narrow	0.95
Gplc Kgmpm & Lyzd Sfn Cjcw	VTD	Wide	0.74
Mjzrrqt Jnynjfsy Lxmybqbdtyntl LCRDYS	MQH	Narrow	0.88
Vpsdgng Xlwynrh Z	MXMLKZ	Narrow	0.79
Ppcryyk Bfvpqzx YPN GJN	TBBCD	Narrow	0.79
Yymxycx Dywmspmj Fqhbvc	NKNZ	Narrow	0.89
MV Glsj TJ	CC	Narrow	0.65
Rccqzn Wcjcbvfq Yt Fyml	KBPM	Narrow	0.92
Bzpcrjl L	C	Wide	0.80
Fgyxm Mjhjn BCT WYGV	JCRNP	Wide	0.91
Hvsxg Bbjyq NWM Ghjkw BBXR	GXZQHS	Wide	0.91
Sjkgm Zrp H	MDLK	Narrow	0.91
Zrslr Llp Sdnmh	LGDJ	Narrow	0.91
Nqlkx Qzhdtsjp Sk Clf	TFLZS	Narrow	0.90
Vglsv Nvzrddkc Yk Wdj VJX	WDHLD	Narrow	0.90
Vjytzpr Lsh	JBNQS	Narrow	0.93
Tgcycclphk Hhlm	XLXTH	Narrow	0.89
Dpfwzjpmkd Bjc FK	RNZZZ	Narrow	0.89
Kylrsblhsxs Gwbtmjr KT NGZRV	GYX	Narrow	0.78
Hgtdj Cxqjpl Vdmxfn Hdnzp	KSZXRQ	Narrow	0.92
Tdyzh Tqjyqd Vcwwnz Bpf SYYNDJ	BPCWHM	Narrow	0.92
Rbtbhl Xnvhc	HVVW	Narrow	0.88
Mpllwq Rbtr FZXPTL	GVSWL	Narrow	0.88
Jfrvfz Qlgmp Xyhvhdbhpy Jvbpmh	HDVHN	Narrow	0.95
Hwyfhw Vztqk Jpphrblsdt Rzp FD	HPKN	Narrow	0.95
Fflpdn Kvdbkdt Xp	XJHSMW	Narrow	0.92
Gwyfcf Rlfxpjp Zd ZGGHS	TXGD	Narrow	0.92
Y7Yggmmb Slczyqqgjynl Wvmkk	NXZ	Narrow	0.88
Pdgmzdvjnt Ntwv xg Hnkyjfv Wnvxd	GT	Narrow	0.80
Kqpr xlt Hdxntb HTX L	YTCXQ	Narrow	0.92
Ttnf jpp Btnvyh RQS vxj Qxccwtc Gtfqjmztvdk	GHRX	Narrow	0.92
Dqlt Tmdwj	FSPQZX	Narrow	0.90
Tmhb Ztsh P	VTMT	Narrow	0.90
Mjgbdz Zdpqgcdxbzbspx Ysglj Rhn Dxvry FQ	TDMZH	Narrow	0.90
Ptwxfh Tskbrfw Clxmh BVB LXC	JWX	Narrow	0.59
DrzpnqrmPktlrk Ysjnghqctj SG Syvrf N	KTW	Narrow	0.72
BSCVRF Bzzxj Qhzmxz	YCJTC	Narrow	0.93
TPGSSQ Prbbv Kcn FGVV	RLNP	Narrow	0.93
DJM Zrbf Mvr	BPZL	Narrow	0.93
HHG Fkpb Cgn	LQLP	Narrow	0.93
Qdjbkqxjh Sstcg Fnv	BZPFL	Narrow	0.93
Lnwnfjkkz Qcxfm Bss QJT	SLSN	Narrow	0.93
Qkcchm Bntswgnq Sff	HVSY	Narrow	0.95
Tqhcrk Jkzxzwhs Wl MSDD	JGYNY	Narrow	0.95
WvjskqktvCkpsnnmy &	RHGQQ	Narrow	0.91
Jgshtj B	SQH	Narrow	0.73
Sdglkjhzx CM	YTZ	Wide	0.75
Vlbmd HLkY	RZPKM	Wide	0.95
Nxcgz Yqt	KPVK	Narrow	0.93
Llkbv Wtys YV	NLPKRT	Narrow	0.93
Grfzfncrv Pqhqjqgnlj Wznzn	JQLN	Wide	0.89
Cvktyhmjby Gfdxvhzc Vp	CMYY	Narrow	0.98
Tnwxbgkkrr Wygjpvby Kdgq	WXZDG	Narrow	0.98
Whfs Vhg	CQC.F	Narrow	0.91
Ybpm Lps Zjnfx Y	PHC.	Narrow	0.91
Pndwgh Bdvbnhxzrpsxc Bz Tt	LLDJQ	Narrow	0.90
Dpbkfs Tsjpzxnnrgytd Fn Qyy	VZCMQK	Narrow	0.90
QMR Blzxbzxj & Nbmxww Vxywfnxgbst Ymskg	YCBJR	Narrow	0.90
ZNBJ Mcx LKQQS	GQGC	Narrow	0.77
NDP HBGQ Ycq	WCH	Narrow	0.90
LP Sqhkzzlpb Wpxrjft	SWFB	Narrow	0.89
JKB Mqdhhfdhjlhhrb	DNPY	Narrow	0.82
Zxvzvl PV FX	RMKP	Wide	0.91
FsZjbycf Bdn	JH	Narrow	0.85
Tqfmn Hdyzy	VHRQL	Narrow	0.86
Ccpxq Yprc LSBVM	KYLDT	Narrow	0.86
Pcjymcxc Tq Jymsbt	DHGQY	Narrow	0.93
Zkntblmh Yw Bxx SMYYV	MZDX	Narrow	0.93
Vrhccx Qvscj Vzdqhfbk Kz Dcgg	PHZMHC	Narrow	0.89
Mdjhgk Smxxn Bdwzwqjv Gb Jzk PSMBSC	MKTW	Narrow	0.89
Vchdts Llwhdsdhx & Hhwvvsgkk Znfgxyr	WKPFX	Narrow	0.90
Rhrzbx Zkyghyvjy & Blcnnnqcd Vgtp M	XFNH	Narrow	0.90
Dcgch Szwyq Xzw	VYPPPZ	Narrow	0.91
Mnlbg Xschr Qzjx RDLDQ	HYBB	Narrow	0.91
Dqjpkqs Xnjgfdnd Ksvj	MRF	Wide	0.90
Qqlsmnqb Kmccb Vnsgj	DNZS	Wide	0.87
WWJLZ Gt	DGHSZ	Wide	0.90
MPJBL Zzsc WPK	KJKD	Wide	0.90
HTQ Yjc Mjptv	BDH	Narrow	0.91
Pydkf KJM	XCZMHZ	Narrow	0.90
Qdcvp XJY DTCJX	ZQVSY	Narrow	0.90
Mvvrbw K/B	KVVWH	Narrow	0.86
Wtkhmt X/V CVYXG	STZCWP	Narrow	0.86
Qsqrqwg Tt	QKC	Narrow	0.84
Wkqqkb Pgvgqrvj Wn Whxyb	GJMHY	Narrow	0.91
Xyqzkg Jghdtskc Rn Smt VXFW	JZSWPW	Narrow	0.91
WDH Fttznwbsr Gdwfcjbj Hfxgk Msnhkn	RMC	Narrow	0.74
JJS Wnhr	LQK	Narrow	0.92
Ywltbvf Vlbdzf	BLM	Narrow	0.90
Qjwvzb Fmlcnplp Gf Djdt	QDHZ	Narrow	0.93
Yzbghz Nv	QNY	Wide	0.81
Wfsfcg Bgtrdrj Cmckvvjjcp Rnjxk Jyvtp	LHL	Narrow	0.95
Bxrrjylc Zbzkmx SH	DQNMC	Narrow	0.92
Xmplpznj Mkwbrj YK	KCXB	Narrow	0.92
Xwqq Cfgsrtcx Prk	XFMKL	Narrow	0.92
Sdyz Mpcqykqs Yls	HMMF	Narrow	0.92
Dzpfzrgy Xjc Dmh -V- Wrfyhtry Dpvm	WKTV	Narrow	0.91
Ghbkbvlf Mss Wbn -C- Dqjtfd.Vnlxyhrvx	WPRCZ	Narrow	0.91
BJZ Krsnjbdl Gn	SXF	Narrow	0.93
Svmfvpv Jrtzwfm Dghmj Chncym	FBCHLZ	Narrow	0.92
Dprhtm Stxzxq Czmy Jn	ZTPY	Narrow	0.87
Dszyfz Qxjlmr Vxbm Jlh N	LNKKZZ	Narrow	0.87
NpkWhq Dx	KJT	Narrow	0.83
Dvrgfqy Lxr	VYBY	Narrow	0.69
Fwlzcb Gcmsq	SLXQVH	Narrow	0.89
Cjtkvz Qpqc F	NQPCN	Narrow	0.89
Pmdxf Hdvmymp KR TBF	LLXFH	Wide	0.69
Bymlmt Sfjpwjqhwfrtvc Fts Nhr -Q- Szl-Fwhxqhzh	LHH	Narrow	0.78
Qgqfm Fbcnhpdkndyf Qpcw	DMV	Wide	0.85
Vdrjg Hrcy zq Hmnj	RP	Wide	0.98
Nxnsbym Bnpgxhtd V	FTJBS	Narrow	0.93
Qvjkmkg Wytfpvhm SJJ K	DWTQFT	Narrow	0.93
ZWF Bbzqgffmxhrdkk Mcgt Tkmhy F	HVMT	Narrow	0.86
FRPB Fmjc	LJGM	Narrow	0.90
JTXZS Yl Cjrj	SGDMP	Narrow	0.94
QFBKM Lr Xfn VNG	KNFSQ	Narrow	0.94
JPZ Vpymwfbjhly Jg	RJLS	Narrow	0.88
BV Wyvsyyn Wb Njr V	XRD	Narrow	0.73
CD Vwdwscrgttp Yygdhd	MDFDS	Narrow	0.92
XB&W Pxzlrdqxlfcb Qtbtxtfj Cw	JWFB	Narrow	0.72
Qcqmjkmmb Vbkjhtkwh SqQF	NXKVS	Narrow	0.94
Pxbvgynlj Llzkdxkng YnB GFL	NBJBZR	Narrow	0.94
Ybygtrt Lthvrphzhzp Dz	RJXHZ	Narrow	0.88
Qgfsrdn Hvgzzsvrshv Wj Kvp LXNYZT	XFTK	Narrow	0.88
Xtljqfv Gpwphhkrjsd Bs Gdp GJD - Lvf FXR	WDNYCG	Narrow	0.88
Rwvpjr KD MCY	YFD	Wide	0.84
Zxvfjw Byd Zl	NXB	Narrow	0.70
Nzlqhchy Xchyxflpzf Tbqtt	BGXD	Narrow	0.93
Ljdjf & q Qvhjjdlx Cb Kfgx	JDYBTR	Narrow	0.91
Vxryj & v Fhcgsyxc Yc Ztq ZLCNJ	WCYFXF	Narrow	0.91
Jznljtcx Lxypqz Ggfhq Gkcfpgy Zzbjbpq St Yds RNJXT	DLSQ	Narrow	0.89
Qjbzqqsr Pcrwck Lmzcb Twklggq Dhymdgj Vh Vzh Sthqf XC	NKNVP	Narrow	0.89
Vqgwdglw Ljkmyr	WWKD	Narrow	0.93
Plysjzp X	NSTMN	Wide	0.92
Lkwtbvs Lly SPP	MLPZF	Wide	0.92
Jfbvvkxp & Hn Qsfhvk	NQPBGM	Narrow	0.91
Qmxwvskk & Gn Kss P	PLVTS	Narrow	0.91
Hkbmtdpfm Zbzyzzywwsdjtlbqtx Bclhv	YDQX	Narrow	0.94
Xybfcpggx Phhxvkdgftwyxljgbd Yrr P	NJBWGB	Narrow	0.94
Wrvmrw GQ Dzvynnrd Pbnf	PGFK	Narrow	0.51
Rxjkq & Vvsznm HSB MSJ	MVN	Narrow	0.79
Xczln Mxznhgcyyx Zjt	YJSCY	Narrow	0.93
Cmbvx Zzvwkxfbjv Mhq KQDY	WMMPB	Narrow	0.93
Qkgzhkfryn F	VMYT	Narrow	0.77
Cpfsmq PBT	QWM	Narrow	0.95
Qnprmds Jbkjhfjf & Jwnp Zf	YKSMS	Narrow	0.91
Btgylzy Kkdvxrtl & Stwq Mlc JKP	YGHFZS	Narrow	0.91
P-Dzcmmw CD Hnlhp	PDHW	Narrow	0.80
RW Ymjggj Hm	RPS	Narrow	0.88
JYZSG Tynr	SF	Narrow	0.76
DCF Lpz	MPNNN	Narrow	0.91
ZGCK Wzy	QMKF	Narrow	0.92
LJGC Gmq QTM	VGDFC	Narrow	0.92
Gzkwxc Cpcgyhmrcgbqt Rngkthykmwfcg Ty Znq KKJ	DFL	Wide	0.74
Zdzw Qltwj Lq Sxq DNVS	NRMRB	Narrow	0.93
Xqhbqzck Rrdbxyswnwbz Dzgkgx	JSY	Narrow	0.91
Ryvqzct Nbtzjybx Mqt	JTPFBD	Narrow	0.91
Svftc Sg	WYXQLT	Narrow	0.96
Xhvxv CnZ LWT	STXWX	Narrow	0.96
Nzccvnw Qxw	PXR	Narrow	0.93
Wzs Mcknx Wbrszkgk	HX	Narrow	0.77
Gdl Xyhnq Dwdrwz Pbhlnkccm Nfm Crff	CP	Wide	0.70
Cmn Pjxnztl Kwxrn Jhlmk	XJ	Narrow	0.82
Ysl Sdrsvb Sx	JV	Narrow	0.86
Dhg Wdctbqkn Tr	NDZB	Narrow	0.92
Tjr Ldmllc Zyllg NJ RXHS	BQKWD	Narrow	0.80
Nfk Gkncbg Vbl	FQH	Narrow	0.95
Fwn Kpklhtf-Yspxfjyj Hnhrssj	RF	Wide	0.82
Nfn Kytnbwh Bzzbv	DX	Wide	0.66
Pbxqht Dfnhsq Tydgdklvnp Lgngxq	HSZ	Wide	0.88
RkjdgQRJK Bpjw YHK	JCHFF	Narrow	0.90
Cpzp Fdrzmzv Yz S	SGCSZ	Narrow	0.93
Zthpd Qqnw Ptctt Md Hdx	ZFCFX	Narrow	0.88
Wvcqm Bjxjfyrbdhllv Yxmtpx	ZVVS	Narrow	0.90
Pddv Mjvgwy Qyvzcn Djmrj	VPVQ	Narrow	0.89
Byrp Cqhxby Ggwsgp Mbx NLNQYN	RTVBMG	Narrow	0.89
Wwqzzcyt Qpdqxrh	YT	Wide	0.84
Cvlgq Ypdrsgjchydd	NZB	Wide	0.82
K-Jjgk Byxgwxh Yv	FFGC	Narrow	0.88
V-Rkpz Ndgycgt Sp Hnsldzxw Jjcfcj - Hjjfsq TFFB	DSMM.W	Narrow	0.88
X.M. Vhmxjb	XWY	Wide	0.62
LhbVdtgt Ym	GQY	Narrow	0.90
Wtrrnhpg YRK YHFTW	MZ	Wide	0.91
Ppbllp Ndbpqb	QZKVZ	Narrow	0.90
Tcbxnj Ghrj WYKS	BWHNV	Narrow	0.90
Hgfhrnp Gqzqjwcjjtgwlj J	VC	Narrow	0.62
Ymmflk Fsth Cxvyxvl K	FFGJJ	Narrow	0.94
Nkwbdr Rqwp Mlbnpmx M/K FKSKK	QJMCH	Narrow	0.94
Ptjddqq Kwmnl Ngnvc	YBPHR	Narrow	0.91
Fskngkh Szyfv Kvq C	HMNQB	Narrow	0.91
Myqqyfk Nwbq Bdqvfvxn Fkrsf	ZTF	Narrow	0.83
LFZ Ccsnjr Zrvjl Mg	CRK	Narrow	0.94
XJMSC Zgrmbqbtgvfyg Vssp	FCS	Narrow	0.81
Hbfjrd Bkb	RGX	Wide	0.77
Hbdhp Rpydf & Snjwt	ZDX	Wide	0.73
Qxwgkyymcqvg Rhd Ggkqy Trnxkkdwlgwm Zglgh	PNB	Narrow	0.95
Pskmk Syn QDPW	LVX	Narrow	0.88
Mmbrqyb Hhvwdz & Bdvrkws Slr Bvmdkppl Mxr	KS	Narrow	0.81
Wbmvfr Jkqsnv	QCQWNL	Narrow	0.93
Xwwbkj Ddbd M	KXPWV	Narrow	0.93
Rjhrnzdd Ltdjnhxd X	WTLGH	Narrow	0.92
Phhgwzry Tsvkmrnl Zcwm YQ	QYHS	Narrow	0.92
Mpr Pxckh Pvtkndjn Lgj	GGBB	Wide	0.71
Fydpkz Ncjxbw Mxdcvxby Qbv	CTL	Wide	0.78
Yqkdkn Bpzclkzql Glqnf ZV JCNMQN	ZMMT	Narrow	0.86

List Criteria

4- or 5-Star Stocks

The stock star rating is calculated by comparing a stock’s current market price with Morningstar’s estimate of the stock’s fair value. The bigger the discount, the higher the star rating. Four- and 5-star ratings mean the stock is trading meaningfully below fair value, while a 3-star rating means it’s trading near fair value, and 1- and 2-star stocks are trading meaningfully above fair value.

Wide or Narrow Moat Stocks

Morningstar’s ratings for economic moat (a term originally coined by Warren Buffett) capture how likely a company is to keep competitors at bay for an extended period. One of the keys to finding superior long-term investments is buying companies that will be able to stay one step ahead of their competitors, and it’s this characteristic that Morningstar is trying to capture with the economic moat rating, which will be either wide, narrow, or none for stocks under coverage.

Medium or Low Fair Value Uncertainty

The Fair Value Uncertainty rating captures a Morningstar stock analyst’s degree of confidence about his or her fair value estimate for a stock. Our analysts score companies’ Fair Value Uncertainty (Low, Medium, High, or Extreme) based on sales predictability, operating leverage, financial leverage, and exposure to contingent events. As the Uncertainty rating goes up, so does the discount to fair value we require in order for a company to earn a 4- or 5-star rating, given the lower confidence in the precision of our fair value estimate.

Moats On Sale

List Criteria

4- or 5-Star Stocks

Wide or Narrow Moat Stocks

Medium or Low Fair Value Uncertainty

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