Goldman Sachs analyst Kate McShane lowered the firm’s price target on Driven Brands to $16 from $18 and keeps a Neutral rating on the shares. The firm cites the company’s softer than expected FY24 outlook along with targeting a leverage ratio of below 4.5 by year-end FY24, the analyst tells investors in a research note. Goldman Sachs is also reducting its FY24 adjusted EBITDA view on Driven to $551.3M from $585.2M on lower sales targets and updated non-GAAP definitions, the firm added.
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