Bright Horizons (BFAM) PT Raised to $77 at Morgan Stanley

Morgan Stanley analyst Toni Kaplan raised the price target on Bright Horizons (NYSE: BFAM) to $77.00 (from $75.00) while maintaining a Underweight rating.

The analyst comments "Strong 4Q beat across all metrics with guidance above on revenue, but slightly below on EPS. We expect investors to focus on profitability in '24 as revenue normalizes and ARPA funding has expired. We are 7% below the guidance midpt on '24 EPS. BFAM remains our highest conviction UW, PT to $77."

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