Driven Brands price target raised to $20 from $17 at RBC Capital

RBC Capital raised the firm’s price target on Driven Brands (DRVN) to $20 from $17 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company’s fundamentals are relatively stable, and it’s likely that the management decides to divest its U.S. car wash business, with the team also having discussed divesting other non-core assets as well, allowing for accelerated debt pay down and reduced business complexity, the analyst tells investors in a research note.