Cintas Analysts Raise Their Forecasts After Upbeat Q1 Earnings

Cintas Corporation CTAS reported better-than-expected earnings for its first quarter on Tuesday.

The company posted first-quarter FY24 revenue growth of 8% year-on-year to $2.34 billion, meeting the analyst consensus estimate. EPS of $3.70 beat the analyst consensus estimate of $3.67.

Cintas raised FY24 revenue outlook from $9.35 billion - $9.50 billion to $9.40 billion - $9.52 billion, against the consensus of $9.50 billion. The company also raised FY24 EPS outlook from $13.85 - $14.35 to $14.00 - $14.45 versus an estimate of $14.42.

Cintas shares fell 5.3% to close at $478.87 on Tuesday.

These analysts made changes to their price targets on Cintas following earnings announcement.

• Baird raised the price target on Cintas from $524 to $540. Baird analyst Andrew Wittmann maintained an Outperform rating.
• Stifel increased the price target on Cintas from $521 to $526. Stifel analyst Shlomo Rosenbaum maintained a Hold rating.

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