UPDATE: Bank of America Initiates Bright Horizons at Buy on Growth Outlook

Bank of America initiated Bright Horizons

with a Buy rating and a $35.00 price objective. Bank of America noted, "Bright Horizons (BFAM) is the clear leader in the employer-based U.S. child care market. It is the only scale player (over 6x larger than second leading provider) in a market where scale is important to employers. It partners with more than 850 clients, including more than 130 of the Fortune 500. We view its predictable business model, well-known brand, strong track record, seasoned management team, and forecasts for mid-teens adjusted EBITDA growth as key attributes." Bright Horizons closed at $28.35 on Tuesday.