Driven Brands initiated with a Buy at BTIG

BTIG initiated coverage of Driven Brands (DRVN) with a Buy rating and $22 price target Even though the firm’s price target embeds a 15% discount to its sum-of-the-parts valuation, the firm sees “attractive 26% upside potential” to the current stock price as its positive thesis starts with the Take 5 oil change business, the analyst tells investors. Take 5, Driven’s largest segment by revenue and adjusted EBITDA, is the fastest-growing of the top three quick lube operators and the firm believes it has years of growth ahead of it by virtue of still having fewer stores than either of its two main peers, the analyst added.