The essential products and services provider Cintas Corporation (NASDAQ: CTAS) reported its quarterly earnings, recently. Following the earnings for the fiscal fourth quarter that ended in May 2023, Cintas stock price got a boost in its continued momentum. 

Cintas reported its quarterly earnings on Thursday, July 13, 2023, that beat estimates and previous performances. The uniform and safety products supplier company continued its streak of surpassing profits and revenue expectations, four times consecutively. 

For the previous quarter, Cintas reported a revenue of $2.28 Billion, 10% up from revenue of $2.07 Billion, a year back. The profits also surpassed the estimates reporting $346.2 Million with the earnings per share (EPS) of $3.33 per share, a rise of 18% from the previous year’s EPS of $2.81. Gross margin rose over 15% quarterly. 

The lowered expenses and increased demand for Cintas products reportedly resulted in positive earnings. The company noted that the expenses on energy including gasoline, natural gas and electricity went down by 65 basis points in a year. 

On the other hand, according to Reuters, pricey products such as fire protection products and cleaning supplies saw a surge in demand. 

For future guidance, Cintas is optimistic and took a positive outlook. The company expects the revenue to stay between $9.35 Billion to $9.50 Billion and the EPS between $13.85 to $14.35.

Increased Rating and Price Target for Cintas (CTAS) Stock 

Goldman Sachs gave the CTAS stock a “buy” rating and put the price target to $566 from $548 earlier. Deutsche Bank adjusts price target to $551 with “buy” stock rating. 

Banking giant JPMorgan Chase put Cintas stock in the “overweight” category with the target for price to achieve $540. UBS maintained a “buy” rating with the price target increased from $500 to $575. Barclays had adjusted the price target from $500 earlier to $550 and maintained the “overweight” rating. 

Wells Fargo made an adjustment in price from $470 to $550 while keeping the “equal weight” rating while Morgan Stanely adjusted the price from $419 to $441 keeping the same rating. 

Cintas (CTAS) Stock Price Movement 

Recently, Cintas stock attained its all time high price level when it traded at $505 during the intraday session on Monday, July 17, 2023. The stock price has been in uptrend since May taking immediate support at $440 and has gained up to 15% since then. The previous support of $425 acts as a strong base for CTAS stock price. 

CTAS stock price closed at $503.67 with a slight 1.47% gain in a day. The stock price is 4.41% up in a week and 8.15% in a monthly time frame. In the last six months, Cintas stock gained over 12% while it increased over 28% in a year. 

Currently, the CTAS stock price is above both 50- and 200-day EMA with a broadening gap in between them. The stock price is moving in an upward channel, and is likely to attain the $510 price level.