Cintas price target boosted at Jefferies following results

Poor weather, middling economic conditions, and lumpy direct sales were balanced with strong cross-selling and improved efficiency which helped rental gross margins 190 bps, says analyst Dan Dolev, reiterating his Buy rating on Cintas (CTAS) and boosting the PT to $69 from $58.

"Management would not admit to this, but the JV with Shred - it is a strong preemptive move aimed at minimizing future secular pressures. Employment driven margin improvement remains the key catalyst."

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