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$5.5B UniFirst Acquisition Announced → Baird Upgrades to Outperform at $250 Target

Cintas announced its acquisition of UniFirst at $310 per share (50% cash, 50% Cintas stock) for an enterprise value of approximately $5.5 billion, expected to close in H2 2026 pending UniFirst shareholder and regulatory approvals, with the deal expected to add several percentage points to Cintas' EPS growth over four years. Baird upgraded Cintas to Outperform from Neutral and raised its price target to $250 from $225 on synergy potential from the combined uniform and workwear services network. Cintas reported fiscal Q3 2026 revenue of $2.84 billion (+8.9% YoY, +8.2% organic), demonstrating strong standalone momentum, with a quarterly dividend of $0.45 per share paid on March 13.

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