Bank of America upgraded CTAS to "buy"
Bank of America Securities upgraded the shares of Cintas Corp (NASDAQ:CTAS) to "buy" from "neutral," betting on the odds of a soft economic landing, and hiked its price target to $580 from $523. Despite the bull note, CTAS is muted before the open.
Coming into today, analysts were split evenly on their sentiment towards Cintas stock. Specifically, eight rated the stock a tepid "hold," while eight recommended a "buy" or better. Meanwhile, the average 12-month price target of $532.08 is a 6.9% premium to Monday's close.
The options pits are more bullish. This is per the equity's 10-day call/put volume ratio of 1.21 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 72% of readings from the past year.
Cintas stock failed to cross above the $500 level over the past several days, and even moved back below its 10-day moving average. The $495 area and 20-day trendline have both saved the security on a closing basis, however. CTAS is up roughly 10% so far this year.