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Cintas Analysts Raise Their Forecasts After Upbeat Q1 Earnings

Published 27/09/2023, 14:13
© Reuters.  Cintas Analysts Raise Their Forecasts After Upbeat Q1 Earnings
CTAS
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Benzinga - by Lisa Levin, Benzinga Editor.

Cintas Corporation (NASDAQ: CTAS) reported better-than-expected earnings for its first quarter on Tuesday.

The company posted first-quarter FY24 revenue growth of 8% year-on-year to $2.34 billion, meeting the analyst consensus estimate. EPS of $3.70 beat the analyst consensus estimate of $3.67.

Cintas raised FY24 revenue outlook from $9.35 billion - $9.50 billion to $9.40 billion - $9.52 billion, against the consensus of $9.50 billion. The company also raised FY24 EPS outlook from $13.85 - $14.35 to $14.00 - $14.45 versus an estimate of $14.42.

Cintas shares fell 5.3% to close at $478.87 on Tuesday.

These analysts made changes to their price targets on Cintas following earnings announcement.

  • Baird raised the price target on Cintas from $524 to $540. Baird analyst Andrew Wittmann maintained an Outperform rating.
  • Stifel increased the price target on Cintas from $521 to $526. Stifel analyst Shlomo Rosenbaum maintained a Hold rating.
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Latest Ratings for CTAS

DateFirmActionFromTo
Jan 2022Morgan StanleyMaintainsEqual-Weight
Dec 2021Argus ResearchMaintainsBuy
Dec 2021Morgan StanleyMaintainsEqual-Weight
View More Analyst Ratings for CTAS

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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