Cintas downgraded to Hold from Buy at Jefferies

Jefferies analyst Stephanie Moore downgraded Cintas to Hold from Buy with a price target of $487, down from $512. The analyst says a weaker macro environment in the second half of 2023 is not reflected in consensus estimates along with the company’s tougher comps in fiscal 2024. Cintas’ valuation "appears frothy at these levels," the analyst tells investors in a research note. The firm believes fiscal 2023 will be a challenging year for the business in the face of a tougher macro backdrop and says Street estimates are too high.