JPMorgan Downgrades UniFirst, Cuts Price Target By 11%

April 1, 2022 12:01 PM | 1 min read | Make a Comment

JPMorgan analyst Andrew Steinerman downgraded UniFirst Corp UNF to Underweight from Neutral, reflecting on the Q2 EPS miss and mixed FY22 outlook.
The analyst also lowered the price target to $178 (a downside of 1.4%) from $200.
The analyst notes management's dim visibility into cost and margin headwinds and the company's financial performance amid the current macro environment for the downgrade.
UniFirst reduced its FY22 Adjusted EPS outlook to $6.80 - $7.00, missing the consensus of $7.18. Meanwhile, the company raised its revenue forecast to $1.967 billion - $1.980 billion, above the consensus of $1.95 billion.
Price Action: UNF shares are trading lower by 1.42% at $181.67 on the last check Friday.