Several analysts raised the price target on Cintas Corp (NASDAQ:CTAS) after the Q2 beat. Cintas provides workplace first aid, safety supplies, and training services.
- Goldman Sachs analyst George Tong raised the price target to $460 from $459 and maintained a Buy rating on the shares.
- Tong noted the company should benefit from a structural step-up in demand in the healthcare vertical and hygiene product category post-COVID, driving organic revenue growth to the upper end of its 6-7% historical range.
- Barclays analyst Manav Patnaik raised Cintas price target to $500 (an upside of 16.58%) from $470 and maintained an Overweight rating on the shares post the company's Q2 results.
- Patnaik stated Cintas should continue to report "solid" results into 2022 and view the company as "best-in-class."
- Baird analyst Andrew Wittmann raised the price target to $465 from $425 and maintained an Outperform rating on the shares.
- The analyst noted earnings beat helped by tax rates, but with stronger-than-expected revenues.
- Wittmann stated the guidance was walked higher though the fundamental outlook remains unchanged, with a growth outlook for 2H22 similar to 1H22, adjusted for last year's unusually high PPE sales activity.
- Morgan Stanley raised Cintas's price target to $399 (a downside of 6.97%) from $365 and maintained Equal-Weight ratings on the shares.
- Price Action: CTAS shares closed lower by 1.81% at $428.89 on Thursday.
