Aramark price target adjusted to $27 at Morgan Stanley after Vestis spin

Morgan Stanley lowered the firm’s price target on Aramark (ARMK) to $27 from $44 and keeps an Equal Weight rating on the shares after restructuring the firm’s model following the official spinoff of the company’s uniform segment, which is now a traded public company, Vestis (VSTS). The firm’s revised model solely includes the Food and Support Services segments and it has made “minimal changes” to its Food Services estimates, the analyst noted.