BrightView initiated with a Buy at BTIG

BTIG analyst Carl Reichardt initiated coverage of BrightView (BV) with a Buy rating and $22 price target The company operates in a highly fragmented $113B industry with a significant recurring revenue component, while its new CEO has led a significant business turnaround over the past year, stripping costs, integrating sales and operations, and investing in people and equipment, the analyst tells investors in a research note. BTIG adds that it anticipates BrightView’s FY25 to begin to pivot to business expansion, with revenue growth for the first time since FY22, a declining expense ratio for the first time since FY21, and the highest EBITDA margin since FY19.