As reported earlier, RBC Capital analyst Gary Bisbee downgraded Bright Horizons to Sector Perform from Outperform, saying that risk-reward is less compelling at the upper end of his target valuation range. The analyst also notes that the quality of earnings has deteriorated, with lower contribution from revenue and margins against a higher benefit from interest and taxes. Longer term, Bisbee adds that he remains positive on the business, raising his price target on the stock to $98 from $95 and noting that Bright Horizons can grow its earnings at above-average rates.