UPDATE: Credit Suisse Initiates Bright Horizons at Outperform on Competitive Advantages

Credit Suisse initiated Bright Horizons (NASDAQ: BFAM) with an Outperform rating and a $35.00 price target.

Credit Suisse noted, "We believe scale, strong corporate relationships, high quality centers, reputation, and access to capital are significant competitive advantages that should drive market share gains. … A contract-centric model leads to surprisingly compelling revenue growth resilience and visibility. BFAM delivered a ~10% revenue CAGR and expanded its EBITDA margin by 660 bps from 2001-2011; revenue even grew through subprime crisis."

Bright Horizons closed at $28.35 on Tuesday.

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