UPDATE: Piper Jaffray Initiates On Cintas On Strong Market Positioning

In a report published Monday, Piper Jaffray analyst George Tong initiated a Neutral rating on Cintas CTAS and initiated a price target of $56.00. In the report, Piper Jaffray says "We are initiating coverage on Cintas with a Neutral rating and $56 price target. We believe Cintas' extensive distribution network in uniform rentals across the U.S. positions it to capture market share and benefit from rising employment levels in industries that use rented uniforms in the context of an improving macro backdrop. We find Cintas' strong market positioning and execution balanced near-term by a relatively fair valuation." Cintas closed on Monday at $54.29.