- Baird analyst Andrew Wittmann upgraded UniFirst Corp UNF to Outperform from Neutral and raised the price target to $236 (an upside of 18%), from $215.
- The analyst says that disappointing guidance has yielded depressed sentiment, and heavy investment will weigh on earnings for some time, but ultimately, these investments should make UNF much more competitive.
- Also, read UniFirst Q1 Results Beat Estimates.
- Wittmann believes its relative valuation discount and cash-laden balance sheet could prove important assets in a rising rate environment.
- Price Action: UNF shares traded higher by 1.98% at $199.90 on the last check Thursday.
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