Bright Horizons Stock Falls Despite Strong Q3 Results and Raised Guidance

Bright Horizons (BFAM) shares fell 5.3% after Goldman Sachs and BMO Capital lowered their price targets, despite strong Q3 results that beat expectations and raised full-year guidance. Goldman reduced its target to $130 from $146, while BMO lowered its target to $124 from $130. Both firms kept their positive ratings on the stock. The company's high-margin back-up care segment grew 26% YoY. The shares closed at $103.56, down 5.2% from the previous close.