JPMorgan Downgrades UniFirst, Cuts Price Target By 11%

  • JPMorgan analyst Andrew Steinerman downgraded UniFirst Corp UNF to Underweight from Neutral, reflecting on the Q2 EPS miss and mixed FY22 outlook.
  • The analyst also lowered the price target to $178 (a downside of 1.4%) from $200.
  • The analyst notes management's dim visibility into cost and margin headwinds and the company's financial performance amid the current macro environment for the downgrade.
  • UniFirst reduced its FY22 Adjusted EPS outlook to $6.80 - $7.00, missing the consensus of $7.18. Meanwhile, the company raised its revenue forecast to $1.967 billion - $1.980 billion, above the consensus of $1.95 billion.
  • Price Action: UNF shares are trading lower by 1.42% at $181.67 on the last check Friday.

Posted In: BriefsAnalyst ColorNewsDowngradesPrice TargetAnalyst Ratings

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.