JPMorgan assumed coverage of Driven Brands with an Overweight rating and price target of $18, down from $19. The firm believes Driven Brands is undervalued with the stock trading at or near trough multiples, but does not see the upcoming Q4 report as a significant catalyst in either direction. The same overhangs that have plagued the stock for some time, car wash/glass asset quality concerns, management credibility and leverage, will persist, the analyst tells investors in a research note.
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