As previously reported, Wolfe Research analyst Michael O’Brien initiated coverage of Vestis with an Outperform rating and $24 price target. Vestis (VSTS), which separated from Aramark (ARMK) in October via a tax-efficient spinoff to become a pure-play uniform and workplace supply company, is the number two player in the market, notes the analyst, who finds Vestis’ stock compelling given its “multiple organic growth prospects.” The firm believes Vestis’ new team and its separation are catalysts for the firm’s self-help story, the analyst added.
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