Driven Brands price target lowered to $40 from $45 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Driven Brands to $40 from $45 and keeps a Buy rating on the shares following the company’s "solid" Q4 results and "mixed" 2023 guidance. The firm anticipates 2023 to be "a year of normalization" as ongoing investments in the glass and car wash segments, coupled with a revenue mix shift into the glass business, will hamper near-term margin expansion, but it also continues to believe the stock trades at an attractive valuation relative to Driven’s growth potential.