UPDATE: Stifel Nicolaus Initiates Cintas at Hold (CTAS)

Stifel Nicolaus is out with its report today on Cintas (NASDAQ: CTAS), initiating CTAS at Hold.

In a note to clients, Stifel Nicolaus writes, "We are initiating coverage of Cintas Corporation with a Hold, or neutral, rating on the shares. Cintas is a market leading provider of uniform rentals and sales, dust mats, washroom products, chemical dispensers, shop towels, aprons, safety supplies, and document shredding. We are neutral on the shares since the current valuation is consistent with historical averages, and we expect elevated energy and cotton input prices to somewhat offset strides management has made in improving overall efficiency, limiting potential for upside margin expansion and constraining valuation."

Shares of CTAS closed Monday at $31.79.