Baird analyst Peter Benedict said the weakness in Driven Brands shares following its earnings report is overdone. The firm said whhile softer demand in Car Wash, integration delays in U.S. Glass and higher rent drove a ~9% reduction in FY23 adj-EBITDA guidance, the stock’s 25%-30% valuation discount to auto services peers embeds an overly bearish view of the business. Baird has an Outperform rating and $21 price target on Driven Brands shares
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