UPDATE: JP Morgan Raises PT on Cintas to $35.00 from $30.00

J.P. Morgan has published a research report on Cintas

raising the price target to $35.00 from $30.00. In the report, J.P. Morgan wrote, "On Tuesday evening Cintas reported adjusted 4QF11 (May) EPS of $0.49, well above our estimate and consensus. 4QF11 revenues were $1,012mn, a ~5% beat to our estimate, on continued acceleration of organic rental growth (and total organic growth). Importantly, the company was also able to increase gross margins in spite of rising headwinds (merchandise, energy, input costs)." J.P. Morgan rated Cintas a Neutral with a price target of $35.00. Cintas closed Tuesday at $30.84.