Driven Brands price target raised to $16 from $14 at Goldman Sachs

Goldman Sachs analyst Kate McShane raised the firm’s price target on Driven Brands to $16 from $14 and keeps a Neutral rating on the shares. The company reported better-than-expected Q2 adjusted EBITDA and EBITDA margin despite a miss on the top line with same-store sales growth of 0.5% vs. consensus forecast of up 2.3%, the analyst tells investors in a research note. Driven Brands also cut its SSS outlook to 1%-3% from 3%-5% prior, the firm added.