Several analysts raised the price target for Cintas Corp CTAS after the company reported a Q4 earnings beat yesterday.
Yesterday, the company reported fourth-quarter FY23 sales growth of 10.1% year-on-year to $2.28 billion, beating the analyst consensus of $2.26 billion and EPS of $3.33, exceeding the analyst consensus of $3.19.
Cintas sees FY24 revenue of $9.35 billion - $9.50 billion (vs. consensus of $9.39 billion) and EPS of $13.85 - $14.35 vs. the consensus of $14.29.
At a Buy rating, Deutsche Bank raised the price target to $551 (from $542) and Argus Research to $540 (from $510).
Maintaining an Equal-Weight rating, Morgan Stanley increased the price target to $441 (from $419) and Wells Fargo to $500 (from $470).
Wells Fargo analyst revised EPS estimates to $13.04 (from $12.90) for 2023 and $14.30 (from $14.45) for 2024.
At an Overweight rating, Barclays upped the price target to $550 (from $500).
Barclays analyst revised the EPS estimate to $14.47 (from $14.65) for 2023 and $16.62 (from $16.57) for 2024.
Price Action: CTAS shares are trading higher by 0.53% at $497.11 on the last check Friday.
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