RBC Capital lowered the firm’s price target on Driven Brands to $17 from $20 and keeps an Outperform rating on the shares after its Q4 results. The company delivered on its previously lowered FY23 guidance, though its Car Wash business looks “murky”, the analyst tells investors in a research note. The outlook for FY24 is also “wide” and reflects macro uncertainty, weather, and differing rates of improvement in car wash/glass at the low end, the firm added.
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Read More on DRVN:
- Driven Brands price target lowered to $20 from $22 at Canaccord
- Driven Brands price target lowered to $16 from $18 at Goldman Sachs
- Driven Brands sees FY24 adjusted EPS 88c-$1.00, consensus $1.12
- Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2023 Results
- Driven Brands reports Q4 adjusted EPS 19c, consensus 19c
