On Tuesday, Truist Securities updated its price target on shares of Cintas (NASDAQ:CTAS), increasing it to $225.00 from the previous target of $212.50. The firm has maintained its Buy rating on the stock. This adjustment follows the recent 4-for-1 stock split executed by Cintas.
The firm has updated its earnings per share (EPS) estimates for the fiscal years 2024 and 2025 to reflect the stock split, stating that the estimates remain effectively unchanged. Additionally, Truist Securities has introduced its EPS estimates for the fiscal year 2027 into its financial model.
Looking ahead, the analyst anticipates that Cintas will report first-quarter fiscal year 2025 results next week, which are expected to surpass market expectations despite facing challenges such as working day headwinds and a normalization in price and employment growth.
The analyst expressed confidence in Cintas' ability to continue its track record of exceeding expectations and raising forecasts throughout fiscal year 2025, even as the growth of overall payrolls begins to decelerate. Truist Securities reiterated its positive stance on the company's shares, endorsing a Buy rating.
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