BofA upgrades Cintas to Buy, no longer sees near-term recession

BofA upgraded Cintas to Buy from Neutral with a price target of $580, up from $523. The company is leader in uniform rental and other facility services, says the firm, whose confidence is building about a potential “soft landing” for the U.S. economy. With BofA no longer expecting a near-term recession, the analyst is more confident in Cintas’ sales and margin momentum. The company has a track record of beating and raising guidance, the analyst tells investors in a research note.