Citi Upgrades Cintas Corp (CTAS) to Hold
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Citi upgrades Cintas Corp (Nasdaq: CTAS) from Sell to Hold. Price target $27.50.
Citi analyst says, "Although conditions in the uniform sector and those specifically facing the company remain worrisome, we are upgrading CTAS from Sell to Hold following the ~20% YTD decline in shares to a more reasonable valuation...We want to be clear that this is purely a valuation call as we anticipate few meaningfully positive catalysts in the near-term given the tough operating conditions in the sector (this is reflected in our lower EPS estimates). However, we expect sentiment on the economic cycle to improve as we look out over the next 12 months and believe the valuation now appropriately reflects the slow operating profit growth phase that CTAS is in. So while near-term downside is still a possibility given our expectation for choppy economic data over the next 2-3 quarters, we do expect the stock to be flat to slightly up over the next year."
Cintas Corporation provides specialized products and services to businesses of all types throughout the United States and Canada.
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