J.P. Morgan Neutral On Cintas; Raises 2011 EPS Estimate Slightly (CTAS) - Cintas (NASDAQ:CTAS)

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J.P. Morgan is raising its 2011 EPS estimate for Cintas (NASDAQ: CTAS)and are now modeling for $1.52 for 2011, up from $1.50. This is due to better rental gross margin assumptions as uniform and facilities volumes improve. Cintas reported 4QF10 EPS of $0.35 on Tuesday, which is 2 cents better than the $0.33 estimate J.P. Morgan had. 4QF10 revenues were $909mn, 2% better than what J.P. Morgan was modeling. Remain Neutral on CTAS. J.P. Morgan maintains its Dec ’10 price target of $27 and are Neutral on the shares.Cintas shares are currently trading at $25.91, down 2‎ cents.

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