Analyst Connor Cerniglia of Bernstein maintained a Hold rating on Cintas, retaining the price target of $200.00.
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Connor Cerniglia has given his Hold rating due to a combination of factors related to Cintas’s recent performance and its current valuation. He notes that the company delivered stronger-than-expected revenue growth in Q2’26, with sales rising 9.3% and incremental margins surpassing market expectations, supported by exceptional customer retention and solid demand across key sectors such as healthcare, education, hospitality, and government. Management also appears to be navigating labor-market concerns well, as softness seems limited to white-collar roles and has not yet translated into meaningful pressure on Cintas’s core end markets.
At the same time, Cerniglia observes that the upside from these operational positives is largely reflected in the share price, given that earnings only slightly exceeded consensus and the stock already trades at robust EV/EBITDA and P/E multiples. He emphasizes that management’s ongoing investments in technology, capacity, and sales resources are strategically sound and should enhance efficiency and growth over the long term, but these benefits are expected to accrue gradually rather than immediately transforming the earnings trajectory. As a result, he concludes that the risk‑reward profile is balanced at current levels, justifying a Market-Perform (Hold) rating and a maintained price target of $200.
In another report released today, Wells Fargo also maintained a Hold rating on the stock with a $205.00 price target.