Why Cintas Stock Jumped Today
Shares of Cintas (NASDAQ: CTAS) were trading 10.2% higher at noon, EDT. The provider of corporate uniforms, cleaning services, and worker safety measures held a call on Wednesday to update investors on the business impact of the COVID-19 pandemic. Analysts walked away impressed and filed a number of price target increases on Thursday morning.
RBC Capital raised his target price on Cintas from $220 to $250 per share. The business update was "better than feared" in RBC analyst Seth Weber's view, and the company seems poised to benefit from a global focus on keeping workplaces safe, healthy, and sanitary.
Analyst Kevin McVeigh from Credit Swiss lifted his price target from $200 to $205 per share, noting that the bulk of Cintas' revenue decline appears to have landed in April and early May.
Source Fool.com
