Benzinga - Cintas Corporation (NASDAQ: CTAS) reported better-than-expected Q3 earnings and increased 2023 guidance.
Cintas reported third-quarter FY23 sales growth of 11.7% year-on-year to $2.19 billion, beating the consensus of $2.15 billion. EPS of $3.14 beat the analyst consensus of $3.04.
Cintas raised its annual revenue expectations from $8.67 billion - $8.75 billion to $8.74 billion - $8.80 billion, above the consensus of $8.73 billion. The company boosted the FY23 EPS outlook from $12.50 - $12.80 to $12.70 - $12.90 versus the consensus of $12.73.
Cintas shares rose 0.1% to trade at $465.56 on Thursday.
These analysts made changes to their price targets on Cintas following the release of results.
- Baird raised the price target on Cintas from $500 to $512. Baird analyst Andrew Wittmann maintained an Outperform rating.
- Morgan Stanley increased the price target on Cintas from $401 to $419. Morgan Stanley analyst Toni Kaplan maintained an Equal-Weight rating.
- B of A Securities boosted the price target on Cintas from $513 to $523. B of A Securities analyst Heather Balsky maintained the stock with a Neutral rating.
- RBC Capital analyst Ashish Sabadra, meanwhile, reiterated Cintas with an Outperform and maintained a $525 price target.
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