Driven Brands climbs after Piper Sandler raises PT

Driven Brands Holdings

10/10/2022 16:07

(Updates)
    ** Shares of automotive services co Driven Brands Holding
Inc  DRVN.O  up ~3% at $30.23 after Piper Sandler raises PT on
stock from $40 to $41 
    ** PT implies an upside of ~40% to the stock's last close
    ** Sees co enjoying high near-term demand with increased
consumer confidence in vehicle longevity, and more old cars
plying on roads 
    ** Says co's key growth drivers are its oil change
operations and glass service, which are expected to drive long
term growth; maintains 'overweight' rating
    ** Brokerage adds auto service operators at the Automotive
Service Symposium in late September highlighted that EVs are not
a "notable concern" for the industry over the near or long term
yet
    ** Adds most operators plan to add EVs to their offerings 
    ** 7 of 8 brokerages rate the stock 'buy' or higher, 1
'hold'; median PT is $38 - Refinitiv IBES
    ** As of previous close, the stock has dropped ~13% YTD
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))