Driven Brands (NASDAQ:DRVN – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $0.88-1.00 for the period, compared to the consensus EPS estimate of $0.95. The company issued revenue guidance of $2.35-2.45 billion, compared to the consensus revenue estimate of $2.43 billion.
Analysts Set New Price Targets
Several brokerages recently issued reports on DRVN. Piper Sandler lowered their price target on Driven Brands from $22.00 to $18.00 and set an overweight rating on the stock in a research note on Monday, February 26th. Canaccord Genuity Group lifted their price objective on Driven Brands from $20.00 to $21.00 and gave the company a buy rating in a report on Monday, March 18th. JPMorgan Chase & Co. decreased their price objective on Driven Brands from $19.00 to $18.00 and set an overweight rating on the stock in a report on Tuesday, February 20th. Royal Bank of Canada decreased their price objective on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a report on Monday, February 26th. Finally, Morgan Stanley downgraded Driven Brands from an overweight rating to an equal weight rating and decreased their price objective for the company from $22.00 to $14.00 in a report on Tuesday, January 16th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Driven Brands has an average rating of Moderate Buy and an average target price of $19.89.
Driven Brands Price Performance
Driven Brands (NASDAQ:DRVN – Get Free Report) last announced its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. The business had revenue of $553.70 million for the quarter, compared to the consensus estimate of $572.92 million. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. Driven Brands’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 EPS. As a group, equities analysts anticipate that Driven Brands will post 0.88 EPS for the current fiscal year.
About Driven Brands
Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.
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