The score fell 6 points, mainly due to valuation and price changes. Price fell 3.6%, from $1164.48 to $1122.29.

Valuation and price changes subtracted 6.7 points. The comparison uses the same available inputs on both dates. Displayed changes are rounded to whole points.

Historical cheapness: current PE is 25.8× versus the full-history median of 20.6× shown in the valuation table, producing 35/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 37.4/100. The model applies a 17.6% earnings-growth assumption and a 10% annual return hurdle, with positive credit limited by evidence coverage and confidence.

Forward price scenarios use recent PE history separately. Recent history has a separately weighted median of 23.9× (18-month half-life). The favorable scenario uses 25.7× PE and $53.1 projected EPS, informed by growth, margins and earnings-quality checks. This is a model scenario, not an analyst target. A return to the full-history median is not assumed.

Business trends are mixed. Over the past year: revenue +26.5%, earnings +1.1%, operating margin -3.7 percentage points. The business score is 53.5/100. Growth, margins and cash generation drive the score. Missing or older data receives less weight.

Stronger earnings and valuation could support a higher share price.

Our favorable case uses $53.06 of EPS and a 25.7× PE, suggesting a share price of about $1361.52. Valuation history and outlook inform the PE.

The displayed favorable scenario is 26.1% upside, or about $1361.44.

This is a scenario based on our model, not a forecast or probability.

Weaker than expected earnings could put pressure on the share price.

Our downside case uses $35.92 of EPS and a 21.9× PE, suggesting a share price of about $788.22 — 27% below today’s price. Valuation history and outlook inform the PE.

This is a scenario based on our model, not a forecast or probability.

Historical cheapness: current PE is 11.3× versus the full-history median of 12× shown in the valuation table, producing 54/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 52/100. The model applies a 6.8% earnings-growth assumption and a 10% annual return hurdle, with positive credit limited by evidence coverage and confidence.

Forward price scenarios use recent PE history separately. Recent history has a separately weighted median of 10.6× (18-month half-life). The favorable scenario uses 11× PE and $17.4 projected EPS, informed by growth, margins and earnings-quality checks. This is a model scenario, not an analyst target. A return to the full-history median is not assumed.

Business trends are mixed. Over the past year: revenue +5.3%, earnings +20.7%, operating margin -13.2 percentage points. The business score is 44.2/100. Growth, margins and cash generation drive the score. Missing or older data receives less weight.

The earnings calculation and the displayed scenario are different.

The earnings case uses $17.42 of EPS and a 11× PE, suggesting about $191.25 before the minimum is applied. Valuation history and outlook inform the PE.

The model applies a 15% minimum upside scenario, so the card shows +15%, or about $196.85. That adjusted price does not come from the EPS × PE calculation above.

This is a scenario based on our model, not a forecast or probability.

Weaker than expected earnings could put pressure on the share price.

Our downside case uses $12.74 of EPS and a 9.9× PE, suggesting a share price of about $125.51 — 27% below today’s price. Valuation history and outlook inform the PE.

This is a scenario based on our model, not a forecast or probability.