UPDATE: Jefferies Lowers PT on Cintas Following F4Q13 Results

In a report published Tuesday, Jefferies analyst Dan Dolev reiterated a Buy rating on Cintas (NASDAQ: CTAS), but lowered the price target from $52.00 to $51.00.

In the report, Jefferies noted, “On Monday, CTAS reported F4Q13 results and provided FY14 guidance. Overall, results were disappointing, especially the deceleration in rental organic growth (+4.8% vs. +5.5% in F3Q), negative adds/stops, worse than F4Q in the last 2 years, and FY14 EPS guidance 2-5% below consensus. While macro headwinds linger, we see significant sales/margin upside to CTAS when end-markets finally inflect. BUY. PT $51. ($52 prev.).”

Cintas closed on Monday at $47.88.