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Bright Horizons upgraded to Outperform from Neutral at Baird
The Fly

Bright Horizons upgraded to Outperform from Neutral at Baird

Baird analyst Jeffrey Meuler upgraded Bright Horizons (BFAM) to Outperform from Neutral with an unchanged price target of $140. The recent material pullback in shares yields an attractive valuation, the analyst tells investors in a research note. The firm says Bright Horizons’ “excellent” Back-Up Care business is continuing to perform well “with good runway” while Full Service is continuing to recover with material incremental margin recovery potential. Combined, this should result in strong consolidated growth, while significant relative valuation multiple expansion seems possible if Full Service margins significantly recover, contends Baird.

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