Cintas downgraded to Sell from Neutral at Redburn Atlantic

Redburn Atlantic downgraded Cintas (CTAS) to Sell from Neutral with an unchanged price target of $171. After the sharp rerating of the shares the past two years, the company’s consistency “looks overpriced,” the analyst tells investors in a research note. The firm believes the stock’s valuation reflects none of its likely challenges from slowing employment growth, normalizing market share gains and stabilizing pricing. Redburn’s work suggests the continuation of recent slower employment trends implies a small risk to market expectations.