BrightView initiated with a Buy at Craig-Hallum

Craig-Hallum initiated coverage of BrightView (BV) with a Buy rating and $15 price target. Following a 25-plus year career at United Rentals (URI), most recently serving as COO, Dale Asplund joined BrightView in late 2023 as CEO. Given his background and the shareholder value creation there, investors should be intrigued with his decision to join BrightView, especially considering his $5M open market purchase in September, the firm says. While management changes don’t always work out as intended, Craig-Hallum’s view of the business and some of the past mistakes suggest the odds are in his favor. As a result, the firm sees this as an important catalyst for the stock, and the start of a significant increase in shareholder value creation from here.