Cintas price target lowered to $160 from $181 at Citi

Citi analyst Leo Carrington lowered the firm’s price target on Cintas (CTAS) to $160 from $181 and keeps a Sell rating on the shares. Despite continued strong growth driven by net new business and cross-sell, Cintas’s cyclicality given the weak US employment backdrop reinforces the firm’s view of a negative risk-reward, the analyst tells investors in a research note. Citi further notes that valuation remains the primary constraint, even when considering potential Unifirst accretion.