Morningstar

Dan Romanoff, CPA

Dan Romanoff, CPA, was a senior equity research analyst on the technology team for Morningstar.

More From Dan Romanoff

Wide-moat Microsoft is benefiting from a second wave of digital transformation as well as strength in gaming, which helped the company once again drive material upside compared with its revenue and EPS outlook for the quarter.
Dan Romanoff, CPA

We see strength on all fronts of quarterly performance. New customer engagement levels remained strong and activity on adobe.com remains elevated as a result of the extended remote work environment. As software has lagged early in 2021, we see shares as increasingly attractive.
Dan Romanoff, CPA

We see a long runway for growth as the company gains traction with Zoom Phone and evolves its main application to a communication platform, and we are impressed by management’s ability to overdeliver in terms of both growth and margins. Given exceptional results, strong guidance, and our annual model roll, we are once again raising our estimates, which drives our fair value estimate to $223 per share from $176.
Dan Romanoff, CPA

Wide-moat Salesforce reported solid fiscal fourth-quarter results, including upside to both revenue and non-GAAP EPS expectations. We are raising our fair value estimate to $265 per share, from $253, based on rolling our forecast and the solid near-term results and guidance.
Dan Romanoff, CPA

Wide-moat Amazon reported strong fourth-quarter results, including material upside to revenue, an EPS blowout, and upside to its revenue outlook for the first quarter. Amazon also announced that CEO Jeff Bezos will transition to the role of executive chairman in the third quarter and will be replaced by Andy Jassy, CEO of AWS.
Dan Romanoff, CPA

Microsoft is benefiting from a second wave of digital transformation as well as strength in gaming, which helped the company once again drive material upside compared with its revenue and EPS outlook for the quarter. Our fair value estimate moves to $263 from $235 per share.
Dan Romanoff, CPA

Wide-moat Adobe reported strong fourth-quarter results, including upside to consensus for both revenue and non-GAAP EPS, and provided quarterly guidance that was ahead of Street expectations
Dan Romanoff, CPA

We are maintaining our fair value estimate of $253 for Salesforce as good organic results are offset by the seemingly modest deleterious impact on shareholder value arising from the Slack acquisition.
Dan Romanoff, CPA

A variety of generally minor model refinements drive our Microsoft fair value estimate to $235 from $228 per share. We still see more than 10% upside to this high-quality wide-moat name.
Dan Romanoff, CPA

Wide-moat Adobe ADBE reported strong third-quarter results, and provided quarterly guidance that was generally in line with Street expectations. Given results, we are raising our fair value estimate to $400 per share, from $350.
Dan Romanoff, CPA

Based on strong results and guidance we are substantially raising our fair value estimate to $253 per share, from $202 for wide-moat Salesforce. That said, like many software stocks, shares of Salesforce have run and we view them as approximately fairly valued.
Dan Romanoff, CPA

While SMB generally remains weak, Azure remains strong, and gaming revenues surged as the global lockdowns continued throughout the quarter. Importantly, commercial bookings and RPO, two forward looking metrics, both grew in excess of revenues for the quarter. We remain impressed with Microsoft's ability to drive revenue and margins at this scale and we believe there is more to come on both the revenue and margin fronts. We raise our fair value estimate to $228 from $196 per share.
Dan Romanoff, CPA

We are raising our fair value estimate for this wide-moat firm after an impressive first quarter.
Dan Romanoff, CPA

We are raising our fair value estimate to $202, from $186, based on rolling our model forward and modest adjustments, and view shares as attractive.
Dan Romanoff, CPA

We bumped our growth and margin assumptions up throughout our model and as a result, raise our fair value estimate to $185 from $155.
Dan Romanoff, CPA

More About Dan Romanoff

Dan Romanoff, CPA, was a senior equity analyst, technology, for Morningstar. He covers software, including Microsoft, Salesforce, Adobe, ServiceNow, and Amazon.com, among others, and also serves on Morningstar’s Moat Committee.

Before Joining Morningstar in 2019, Romanoff spent 12 years in buy-side equity research covering the technology and telecommunications sectors, most recently at Holland Capital Management. Before that, he spent five years in sell-side equity research as an associate analyst at UBS and a senior analyst at Credit Suisse covering various areas within technology, including hardware, software, and semiconductors. Romanoff also has worked as an auditor and in valuation services for major public accounting firms.

Romanoff holds a bachelor’s degree in accountancy and a Master of Business Administration in finance from the University of Illinois at Urbana-Champaign’s Gies College of Business. He also holds the Certified Public Accountant designation.

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