UPDATE: Bank Of America Reiterates On Bright Horizons Family Solutions On Strong Start To 2014

In a report published Friday, Bank of America analyst Sara Gubins reiterated a Buy rating on

, and raised the price target from $44.00 to $48.00. In the report, Bank of America noted, “1Q14 revenue growth of 18.6% was 160bp above the high end of guidance (+15-17% YoY). Adj EPS of $0.34 was $0.01 above the high end of management's outlook ($0.32-0.33). The beat was driven by solid results across business lines. Revenue grew ~8% organically YoY. Enrollment in mature full-service centers contributed slightly over 2% to 1Q's revenue growth vs BFAM's expectations of 1-2%. New and ramping centers contributed ~2% to revenue growth (near the high end of the co's outlook). Back-up care & educational advisory services contributed 2.5% to revenue growth (above 1-2% expectations) driven by new client launches.” Bright Horizons Family Solutions closed on Thursday at $40.94.