Bright Horizons price target raised to $61 from $57 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Bright Horizons to $61 from $57 and keeps an Underweight rating on the shares. The firm, which notes that the stock has outperformed year-to-date and that its valuation is now at pre-COVID levels, sees risk to growth from new centers, tuition, and enrollment and looks to negative estimate revisions as a catalyst, noting that shares are up 43% year-to-date despite consensus EBITDA revisions of negative 2%.