UPDATE: Barrington Research Downgrades Cintas to Market Perform
Barrington Research downgraded Cintas Corp (NASDAQ: CTAS) from Outperform to Market Perform.
Barrington Research commented, “At current levels, Cintas' shares are trading at 15.8x our fiscal 2013 EPS estimate, compared to its industry peers G&K Services (GKSR, 13.8x) and UniFirst (UNF, 14.5x). Since we upgraded the stock on July 20, 2011 following Q4/11 results, shares of Cintas have appreciated 28%, well above the 2% gain in the S&P 500 over the same time frame. Although we continue to appreciate Cintas as a high-quality company and industry leader, we are reducing our rating to MARKET PERFORM at this time due to the uncertain economic environment and management's initially cautious outlook for fiscal 2013.”
Cintas Corp closed at $39.41 on Monday.
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