Piper Sandler analyst Peter Keith raised the firm’s price target on Driven Brands (DRVN) to $22 from $19 and keeps an Overweight rating on the shares following relatively in-line Q4 results. Importantly, the company announced the sale of the U.S. Car Wash business for 8-turns EBITDA, the firm notes. Driven Brands also announced a CEO transition. All in, while fundamentals and capital allocation have been disappointing in recent years, Driven Brands is clearly turning a page, says Piper.
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