Bank of America Comments on Cintas

Bank of America has published a report on Cintas CTAS after share buyback. In the report, Bank of America wrote, "Cintas delivered a better than expected quarter. Revenue grew 8.0% YoY on an organic basis. This was an acceleration from the 5.5% pace last quarter. Given overall weakness in the labor markets, this came as a surprise. Management highlighted stability at the workforces of existing clients, fewer bankruptcies at clients, and improving new sales as being key growth drivers. Uniform rental revenue grew 7.2% YoY organically, up from 4.3% YoY last quarter." Bank of America rated Cintas an Underperform with a price target of $30.00. Cintas closed Tuesday at $30.86.