UPDATE: JP Morgan Initiates Bright Horizons at Neutral on Valuation

JP Morgan initiated Bright Horizons BFAM with a Neutral rating and a $30.00 price target. JP Morgan commented, "We are initiating coverage of Bright Horizons (BFAM) with a Neutral rating based on valuation. Bright Horizons is the largest provider of employer-sponsored child care in the US. With an attractive mix of organic revenue growth and an impressive track record of tuck-in acquisitions, BFAM appears well positioned to capture growth opportunities in employer-sponsored child care. … While we like BFAM's positioning in the employer-sponsored child care segment, we believe the current valuation fairly reflects BFAM's growth prospects. We would look for a stock pullback to add to positions." Bright Horizons closed at $28.35 on Tuesday.