Analysts Bump Up Cintas Price Target Post Q2 Results

Several analysts raised the price target on Cintas Corp CTAS after the Q2 beat. Cintas provides workplace first aid, safety supplies, and training services.

• Goldman Sachs analyst George Tong raised the price target to $460 from $459 and maintained a Buy rating on the shares. 
• Tong noted the company should benefit from a structural step-up in demand in the healthcare vertical and hygiene product category post-COVID, driving organic revenue growth to the upper end of its 6-7% historical range.
• Barclays analyst Manav Patnaik raised Cintas price target to $500 (an upside of 16.58%) from $470 and maintained an Overweight rating on the shares post the company's Q2 results. 
• Patnaik stated Cintas should continue to report "solid" results into 2022 and view the company as "best-in-class."
• Baird analyst Andrew Wittmann raised the price target to $465 from $425 and maintained an Outperform rating on the shares. 
• The analyst noted earnings beat helped by tax rates, but with stronger-than-expected revenues. 
• Wittmann stated the guidance was walked higher though the fundamental outlook remains unchanged, with a growth outlook for 2H22 similar to 1H22, adjusted for last year's unusually high PPE sales activity.
• Morgan Stanley raised Cintas's price target to $399 (a downside of 6.97%) from $365 and maintained Equal-Weight ratings on the shares.
• Price Action: CTAS shares closed lower by 1.81% at $428.89 on Thursday.