Top Stock Picks for 2024: Cintas

Despite the recent outperformance, CTAS has some contrarian potential

CMT, Senior Market Strategist
Jan 17, 2024 at 12:53 PM
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Every day for the next three weeks, we're going to highlight one of Schaeffer's top 12 picks for 2024. Next up, we have Cincinnati-based support services stock Cintas Corp (NASDAQ:CTAS). To access the entirety of the 2024 report, click here.

Support services name Cintas (CTAS) has a history of outperforming on the charts, making a smooth trending name for itself over the past 10 years - sporting gains of more than 2,100% in this timeframe. Since the start of 2020, the security has more than doubled, while in the span of 2023, the shares have added over 20%.

Though the stock' s short interest float remains small, bears have increased their bets - by more than 30% since mid-August. What's more, nearly half the covering brokerage firms sport a tepid " hold" recommendation.

An unwinding of pessimism in the options pits could also bode well for the equity, per its 50- day put/call volume ratio of 1.84 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OM X PHLX (PHLX). This ratio sits in the 83rd percentile of readings from the past 12 months. 

CTATop24

 

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