JPMorgan Downgrades UniFirst, Cuts Price Target By 11%

• JPMorgan analyst Andrew Steinerman downgraded UniFirst Corp (NYSE:UNF) to Underweight from Neutral, reflecting on the Q2 EPS miss and mixed FY22 outlook.
• The analyst also lowered the price target to $178 (a downside of 1.4%) from $200.
• The analyst notes management's dim visibility into cost and margin headwinds and the company's financial performance amid the current macro environment for the downgrade.
• UniFirst reduced its FY22 Adjusted EPS outlook to $6.80 - $7.00, missing the consensus of $7.18. Meanwhile, the company raised its revenue forecast to $1.967 billion - $1.980 billion, above the consensus of $1.95 billion.
• Price Action: UNF shares are trading lower by 1.42% at $181.67 on the last check Friday.