Analyst Note
| Julie Utterback |Guardant Health delivered strong first-quarter results, and management increased its sales outlook for the full year. Our 2023 assumptions remain within the company's new guidance range, and we do not anticipate changing our $63 fair value estimate at first glance. Also, although our moat rating remains no-moat, we are still optimistic about Guardant's liquid biopsy pipeline, particularly for early detection of colorectal cancer, which is reflected in our positive moat trend rating.