These Analysts Increase Their Forecasts On Cintas After Upbeat Results

Cintas Corporation CTAS reported better-than-expected second-quarter financial results and raised FY24 guidance on Thursday.

Cintas reported second-quarter FY24 sales growth of 9.3% year-on-year to $2.38 billion, beating the analyst consensus estimate of $2.34 billion. EPS of $3.61 beat the consensus estimate of $3.49, according to Benzinga Pro.

Operating income increased 12.3% to $499.7 million, while the operating margin expanded by 50 basis points to 21%.

Cintas raised FY24 revenue outlook from $9.40 billion - $9.52 billion to $9.48 billion - $9.56 billion, against the consensus of $9.50 billion. The company also raised FY24 EPS outlook from $14.00 - $14.45 to $14.35 - $14.65 versus an estimate of $14.46.

Cintas shares gained 6.6% to close at $589.95 on Thursday.

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

• Stifel raised the price target on Cintas from $526 to $585. Stifel analyst Shlomo Rosenbaum maintained a Hold rating.
• RBC Capital increased the price target on Cintas from $525 to $645. RBC Capital analyst Ashish Sabadra maintained an Outperform rating.

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