Valvoline price target raised to $41 from $40 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Valvoline (VVV) to $41 from $40 and keeps a Neutral rating on the shares. The company reported better-than-expected sales and adjusted EBITDA, driven by strong same-store sales growth and margin expansion, the analyst tells investors in a research note. The quarter’s key takeaways were that system-wide same-stores sales growth was stronger than expected, Goldman notes, adding that Valvoline’s long-term growth story remains compelling, supported by strong franchisee engagement and the recent refranchising transactions.