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UPDATE: Credit Suisse Assumes Bright Horizons Family Solutions with Outperform Following Kidsunlimited Acquisition

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In a report published Wednesday, Credit Suisse analyst Anjaneya Singh assumed coverage on Bright Horizons Family Solutions (NYSE: BFAM) with an Outperform rating, and raised the price target from $35.00 to $37.00.

In the report, Singh noted, “We maintain our Outperform rating, and increase our estimates to account for the recent kidsunlimited acquisition. We accordingly increase our TP to $37 from $35...BFAM's scale, strong corporate relationships, high quality centers, reputation, and access to capital are significant competitive advantages that make for high barriers to entry. A contract-centric model leads to a resilient revenue base with visibility - revenue grew at a ~10% CAGR from 2001-2012, growing even through the subprime crisis. We expect continued growth in the center-based child care market as number of dual-income families grows; we see further upside from a cyclical pick-up in center utilization and from acquisitions and international expansion.”

Bright Horizons Family Solutions closed on Tuesday at $33.40.

Latest Ratings for BFAM

DateFirmActionFromTo
Feb 2015JP MorganMaintainsNeutral
Dec 2014BarclaysMaintainsOverweight
Nov 2014Bank of AmericaMaintainsBuy

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Posted-In: Credit SuisseAnalyst Color Initiation Analyst Ratings

 

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