Driven Brands initiated with a Buy at Benchmark amid ‘transformation’

As previously reported, Benchmark analyst Michael Albanese initiated coverage of Driven Brands (DRVN) with a Buy rating and $22 price target Following the expected Q2 divestiture of its U.S. car wash business, Driven will emerge “leaner, more focused, and better positioned to capitalize on resilient auto service demand,” says the analyst, who adds that this “looks like a classic Good Co/Bad Co transformation.” Simplifying its complexity should unlock shareholder value and drive Driven’s next phase of growth, the analyst contends.