Cintas price target lowered to $189 from $214 at Stifel

Stifel lowered the firm’s price target on Cintas (CTAS) to $189 from $214 and keeps a Hold rating on the shares. The firm believes the 9.9% decline in the stock following the earnings call is from a combination of a very high multiple stock, strong year-to-date performance, and a slight tick down in the annual organic growth guidance in the context of the first two items. Stifel noted that it is making only minor adjustments to its model, adding that its lower price target reflects lower multiples given the tweak down in growth outlook.