Canaccord lowered the firm’s price target on Driven Brands to $24 from $41 and keeps a Buy rating on the shares. The frim said its results took a backseat to a material FY2023 guidance cut, with sales, adjusted EBITDA, and adjusted EPS each lowered by 2%, 9%, and 24%, respectively, relative to its prior outlook provided in May, as the company citing weakness in its company-owned U.S. car wash and auto glass businesses.
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