Morningstar identified five newly undervalued US-listed stocks that moved to 5-star ratings—PG&E, Edison International, Aurora Innovation, Pentair and PVH—and six stocks that newly entered valuation ranges considered overvalued. The five 5-star stocks traded 30% to 47% below Morningstar’s fair value estimates, while the six overvalued stocks traded 12% to 59% above fair value. The Morningstar US Total Market Index rose 0.11% in the week through Sept. 4, leaving the overall US market 7% below fair value on a market-cap-weighted basis. Of 880 covered US-listed stocks, 33% were undervalued, 46% fairly valued and 21% overvalued. Morningstar reported 11 newly undervalued and four newly overvalued stocks in its weekly rating changes, while separately identifying six stocks that had newly entered overvalued valuation ranges.