Bright Horizons price target lowered to $132 from $155 at Jefferies

Jefferies lowered the firm’s price target on Bright Horizons (BFAM) to $132 from $155 and keeps a Buy rating on the shares. The firm is updating estimates post Q3, noting that its revenue estimate is largely unchanged at $2.9B, but it is reducing its EBITDA expectations to $477M from $534.9M, implying margin down from 18.3% to 16.4%.