UBS raised the firm’s price target on UniFirst (UNF) to $235 from $190 and keeps a Neutral rating on the shares. UniFirst shares rose 3% on Wednesday after reporting good Q1 results, but with the Cintas (CTAS) offer on the table, near-term stock movement is likely driven by investor expectations regarding the offer rather than fundamentals at UniFirst, the analyst tells investors in a research note. The firm added that, given the uncertainty regarding the transaction, its price target is based on a 50/50 average of the $275 offer price and the firm’s fundamental valuation of $194.
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