Cintas (CTAS) PT Raised to $750 at Baird, 'remain buyers for quality-growth long-term holders'

Baird analyst Andrew Wittmann raised the price target on Cintas (NASDAQ: CTAS) to $750.00 (from $660.00) while maintaining a Outperform rating.

The analyst commented: 'Maintain Outperform. Shares popped higher as CTAS delivered another beat-and-raise quarter with strong gross margin gains and steady high single-digit organic growth. Importantly, beat came despite a ~60 bps (~$0.11/share) impact from an unexpected legal settlement, suggesting underlying margin performance was even more impressive. The beat was broad-based as well, with ongoing growth/efficiency investments paying dividends. Additionally, surging FCF has supported a dividend hike, steady buybacks, organic investment and, new, an uptick in bolt-on accretive M&A. Net, "we like where the company is" and remain buyers for quality-growth long-term holders.'

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