Aramark price target lowered to $47 from $48 at BofA

BofA lowered the firm’s price target on Aramark (ARMK) to $47 from $48 and keeps a Buy rating on the shares. The firm lowered its price target based on updated post-spin estimates for Aramark Uniform Services, now Vestis, ahead of its Investor Day on September 13 and spin upcoming on September 30. BofA also compares the business to its public peers, Cintas (CTAS) and UniFirst (UNF), noting that Vestis’ sales growth has broadly lagged Cintas, which the firm attributes to business mix.