Cintas downgraded to Hold from Buy at Deutsche Bank on valuation

As previously reported, Deutsche Bank downgraded Cintas with a price target of $590, up from $551, based on valuation. It is trading at peak multiples and the firm sees limited earnings upside amid a murkier employment picture. While it believes Cintas is “a high quality company that should be a core holding for long-term investors” and views a high valuation as justified, the firm is “taking a breather” on the stock as the macro environment becomes less cooperative, the analyst tells investors.