UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Cintas Corporation Following UniFirst F3Q13 Earnings

In a report published Thursday, Jefferies analyst Dan Dolev reiterated a Buy rating on

, but lowered the price target from $53.00 to $52.00. In the report, Jefferies noted, “Yesterday morning, UniFirst reported its F3Q13 earnings and provided updated F13 guidance. The deceleration in its uniform rental organic growth (+5.9%) does not necessarily imply CTAS' rental business is weakening. The market seems to agree (UNF -6%, CTAS flat/positive, S&P +1%). UNF's reiteration of the high end of its top-line guidance and strong (+310bps) margin growth should bode well for CTAS. Lowering PT to $52. Reiterate BUY.” Cintas Corporation closed on Thursday at $45.44.