Vestis initiated with an Overweight at JPMorgan

JPMorgan analyst Andrew Steinerman initiated coverage of Vestis with an Overweight rating and $20 price target. Following the spin-off from Aramark, Vestis shares trade at levels that place the stock firmly in the “value category, the analyst tells investors in a research note. The firm is “increasingly confident” in the company’s growth transformation ahead, although it appreciates there are risks with an untested firm debuting with significant financial leverage.