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- JPMorgan analyst Andrew Steinerman downgraded UniFirst Corp (NYSE:UNF) to Underweight from Neutral, reflecting on the Q2 EPS miss and mixed FY22 outlook.
- The analyst also lowered the price target to $178 (a downside of 1.4%) from $200.
- The analyst notes management's dim visibility into cost and margin headwinds and the company's financial performance amid the current macro environment for the downgrade.
- UniFirst reduced its FY22 Adjusted EPS outlook to $6.80 - $7.00, missing the consensus of $7.18. Meanwhile, the company raised its revenue forecast to $1.967 billion - $1.980 billion, above the consensus of $1.95 billion.
- Price Action: UNF shares are trading lower by 1.42% at $181.67 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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