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Investment analysts at JPMorgan Chase & Co. started coverage on shares of ARAMARK Holdings Corp (NASDAQ:ARMK) in a note issued to investors on Tuesday, reports. The firm set an “overweight” rating and a $28.00 price target on the stock. JPMorgan Chase & Co.’s price target indicates a potential upside of 12.54% from the company’s current price.

The analysts wrote, “Aramark is well positioned to benefit from the positive trends in the global outsourcing market,” the report noted. “Aramark’s core business is outsourced cafeterias and concessions, as well as facility services (including custodial, plant maintenance, and grounds keeping). The global food/facilities total addressable market is estimated to be ~$900bln with continued shifts towards outsourcing, as clients become more sophisticated with regard to cost management. Aramark is well entrenched in the Education and Healthcare end markets, which are experiencing the best lift in outsourcing. About 80% of Aramark’s revenues come from North America, which is the most attractive established geography in our view. Aramark aspires to expanding emerging economies, where food/facilities outsourcing is in the early stages.”

ARAMARK Holdings Corp (NASDAQ:ARMK) traded up 1.51% on Tuesday, hitting $24.88. 626,608 shares of the company’s stock traded hands. ARAMARK Holdings Corp has a 52-week low of $20.10 and a 52-week high of $26.72. The stock’s 50-day moving average is $24.59 and its 200-day moving average is $24.59. The company has a market cap of $5.022 billion and a P/E ratio of 73.16.

ARAMARK Holdings Corporation is a global provider of food, facilities and uniform services to education, healthcare, business and industry and sports, leisure and corrections clients.

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