Bright Horizons price target lowered to $130 from $146 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Bright Horizons (BFAM) to $130 from $146 and keeps a Buy rating on the shares. Bright Horizons delivered strong Q3 results, exceeding expectations on revenue, margins, and EPS, and raised full-year guidance, the analyst tells investors in a research note. Child care center occupancy improved to the mid-60s, while the high-margin back-up care segment grew 26% year over year and continues to expand rapidly through higher utilization and new client wins. With child care recovery ongoing and back-up care still in early growth stages, the company is well-positioned for continued margin expansion and share upside, Goldman says.