Driven Brands (DRVN) PT Lowered to $19 at Piper Sandler

Piper Sandler analyst Peter Keith lowered the price target on Driven Brands (NASDAQ: DRVN) to $19.00 (from $22.00) while maintaining a Overweight rating.

The analyst commented: "We expect a Q3 comp decel from Q2 of +1.7% to flattish in Q3 as DRVN begins to lap very difficult Int'l Car Wash segment compares. Also, we expect a healthy Take 5 comp of +5% but moderation from Q2 as well (from the aforementioned seasonal slowdown). For Franchised Brands, we do not believe collision claims have improved as used car pricing remains mixed. Looking forward, Planatlyics' European weather analysis shows probability for greater rainfall year in greater Europe."

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