Baird Upgrades Cintas (CTAS) to Outperform
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August 17, 2016 10:10 AM EDT
Nomura Securities reiterated a Buy rating on Cintas (NASDAQ: CTAS), and raised the price target to $124.00 (from $107.00), following the company's announcement that it has signed a definitive agreement to acquire G&K Services for a total EV of $2.2bn.
Nomura commented, "Yesterday morning, CTAS announced... More
August 17, 2016 6:22 AM EDT
(Updated - August 17, 2016 11:43 AM EDT)
Barclays upgraded Cintas (NASDAQ: CTAS) from Equalweight to Overweight with a price target of $130.00 (from $110.00). Analyst Manav Patnaik thinks its agreement to acquire G&K makes a lot of sense.
"We have always viewed CTAS as a premium 'Industrials' idea given its strong CFs & consistent capital returns, but mainly because of its... More
August 16, 2016 8:32 AM EDT
(Updated - August 16, 2016 8:32 AM EDT)
Cintas Corp. (NASDAQ: CTAS) and G&K Services, Inc. (Nasdaq: GK) today announced that they have entered into a definitive agreement under which Cintas will acquire all outstanding shares of G&K Services for $97.50 per share in cash, for a total enterprise value of approximately $2.2 billion, including acquired net debt. The purchase price represents a premium of about 19 percent to the closing price per... More
