Aramark price target lowered to $33 from $47 at Bernstein

Bernstein lowered the firm’s price target on Aramark to $33 from $47 and keeps an Outperform rating on the shares. The firm updated its target price for the standalone catering pureplay business. Aramark has undergone a material cultural and management change since the activist investor arrived in 2019, and Bernstein sees multiple years of faster embedded growth and margin expansion in Aramark’s contract base today.