These Analysts Increase Their Forecasts On Cintas After Upbeat Results
Portfolio Pulse from Avi Kapoor
Cintas Corporation (NASDAQ:CTAS) reported Q2 FY24 sales of $2.38 billion, surpassing estimates and showing a 9.3% year-on-year growth. EPS was $3.61, beating the $3.49 consensus. Operating income rose 12.3% to $499.7 million, with operating margin up by 50 basis points to 21%. The company raised its FY24 revenue and EPS outlook, leading to a 6.6% increase in its stock price. Analysts from Stifel and RBC Capital revised their price targets for CTAS following the earnings report.
December 22, 2023 | 2:32 pm
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Cintas Corporation exceeded Q2 FY24 sales and EPS estimates, raised FY24 guidance, and experienced a 6.6% stock price increase. Analysts updated their price targets positively.
Cintas's strong financial performance and raised guidance are significant positive indicators for investors, likely leading to continued short-term bullish sentiment. The stock price already reacted positively, and analyst upgrades further support this outlook.
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