RBC Capital raised the firm’s price target on Driven Brands (DRVN) to $20 from $17 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company’s fundamentals are relatively stable, and it’s likely that the management decides to divest its U.S. car wash business, with the team also having discussed divesting other non-core assets as well, allowing for accelerated debt pay down and reduced business complexity, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DRVN:
- Driven Brands price target raised to $21 from $20 at Canaccord
- Driven Brands Reports Q3 2024 Financial Results
- Morning Movers: Roblox surges and Estee Lauder sinks following earnings
- Driven Brands reports Q3 adjusted EPS 26c, consensus 22c
- Driven Brands backs FY24 adjusted EPS view 88c-$1.00, consensus $1.02