UniFirst Corp (UNF) PT Raised to $186 at UBS

UBS analyst Joshua Chan raised the price target on UniFirst Corp (NYSE: UNF) to $186.00 (from $184.00) while maintaining a Neutral rating.

The analyst commented, "UNF shares +3% on Wednesday after FQ2 results, which missed consensus expectations, though investors seem to look through with a largely unchanged core guidance for F2024. Within the quarter, Core Laundry margin was light versus us, and with Core Laundry margins -80bps yoy through H1, a ramp is necessary in H2 to reach guidance for slight full-year margin expansion. Excluding some noise on charges, full-year EPS guidance seems unchanged and suggests an in-line H2. We trim our estimates slightly on more margin conservatism, though view 9.5X NTM EV/EBITDA multiple as fair here (vs. 11X historical) pending more visibility to margin recovery traction."

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