Oppenheimer Reiterates Outperform on Cintas Corp. (CTAS) Following 1Q Report
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Oppenheimer reiterated an Outperform rating on Cintas Corp. (NASDAQ: CTAS) following the company's 1Q earnings report. CTAS reported adjusted EPS of $1.26, ahead of the consensus estimates of $1.08. Management updated FY17 EPS guidance to $4.55-4.63 from $4.35-4.45 vs. the consensus of $4.42.
Analyst Scott Schneeberger commented, "F1Q17 adj'd EPS of $1.26 exceeded our estimate/consensus of $1.05/$1.08, respectively, even after a $0.14 accounting change benefit. Revenue of $1.294B (+7.9% y/y, +5.7% y/y organically excluding acquisition impacts/forex) exceeded our estimate/consensus of $1.273B/$1.279B. CTAS updated FY17 revenue/adj'd EPS guidance to $5.160-5.225B (+5.2% to +6.5% y/y; from $5.150-5.225B)/$4.55-4.63 (+11% to +13% y/y; from $4.35-4.45). FY17 guidance assumes consistent US economic conditions/no additional share repurchases/no (pending) G&K acquisition impact including transaction expenses. The ~$0.20 FY17 EPS guidance increase is comprised of a net $0.07 accounting change benefit/margin improvement including less SAP opex/fewer shares. CTAS's solid organic growth/near-peak margins are anticipated to persist in FY17. Despite executing proficiently on apparent momentum, at 22.9x/22.1x our FY18E standalone/CTAS+G&K pro forma EPS we're maintaining Perform."
Shares of Cintas closed at $113.43 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Instinet Raises Price Target on Noble Energy (NBL) to $44; Reiterates Buy
- UPDATE: Stifel Upgrades TripAdvisor (TRIP) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!