UPDATE: Credit Suisse Reiterates on Cintas Based on Updated Guidance

In a report published Monday, Credit Suisse analyst Hamzah Mazari reiterated a Neutral rating on Cintas (NASDAQ: CTAS), and raised the price target from $56.00 to $60.00.

In the report, Credit Suisse noted, “Our FY2014 EPS goes to $2.77 (from $2.74) based on updated guidance. Our FY2015 EPS goes to $3.07 (from $3.02) based on minor adjustments to our model. We are raising our target price to $60 based on our higher forecasts. Hold on to what you own if you believe employment trends within uniform are picking up and that penetration rates will improve to drive higher incremental margins. We also believe management is being prudent in capital allocation going forward.”

Cintas closed on Friday at $59.30.