UPDATE: J.P. Morgan Upgrades Cintas; Raises PT

According to a research report published earlier today, J.P. Morgan has upgraded Cintas Corp. CTAS from Neutral to Overweight, and increased PT from $34 to $45. In the report, J.P. Morgan commented, “On Wednesday, we toured a Cintas facility in Newark, NJ, and spent time with Cintas management. During the great recession, Cintas actively pursued initiatives to enhance salesforce productivity, optimize routes, and control costs. Given the benefits we are seeing from these efficiency initiatives and investments, we believe Cintas is better positioned to more than offset the rising merchandise amortization stream than we had previously recognized.” Cintas closed yesterday at $38.02.