Bank of America upgrades work uniform company that it says will benefit from no recession

Bank of America has a better-than-consensus outlook on the U.S. economy, and thinks Cintas will be a major beneficiary as recession risks wane. Analyst Heather Balsky upgraded the stock to buy from neutral, calling Cintas a "best-in-breed company" and attributing the new rating to the firm's growing confidence in a potential soft landing for the U.S. economy. Balsky's $580 price target suggests shares stand to grow 16.5% from Monday's close.

Balsky pointed to Cintas' track record of beating and raising its earnings guidance, noting that the company beat the mid-point of its initial earnings-per-share guidance by 7% in fiscal years 2022 and 2023. The firm's earnings estimate for fiscal years 2024 and 2025 are higher than the company's guidance as well as Wall Street's expectations, she said in the note . "We think Cintas is poised for EPS beats driven by sales and margin outperformance," Balsky said.

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