UPDATE: Citigroup Raises PT to $47 on Cintas on Earnings Growth

Citigroup reiterated its Buy rating on Cintas

and raised its price target from $45 to $47. Citigroup noted, "We maintain our view that CTAS can deliver attractive top and bottom line growth despite modest macro growth trends. While our revenue and operating income are relatively unchanged, FY13 and FY14 EPS estimates increase 1% to $2.56 and $2.85. Our Target Price increases to $47 from $45 as we roll our valuation framework forward to FY14 (vs. CY13 previously) on unchanged P/E of 16.5 x our FY14 EPS of $2.85." Cintas closed at $41.19 on Friday.