UNF hit its lowest levels since January this morning
Uniform rental stock UniFirst Corp (NYSE:UNF) is plummeting today, down 13.5% at $170.89 at last glance, after Cintas (CTAS) terminated its buyout offer. The acquisition proposal had valued UNF at $275 per share in cash for a total of $5.3 billion, but the companies were unable to come to an agreement. In response, UBS slashed its price target on UniFirst to $194 from $235.
UNF hit a low of $162 earlier this morning, its lowest level since January. Before today's bear gap, the stock had been on a steady downtrend since its Jan. 7 three-year high of $243.70. Still, the stock is fighting for survival at its year-to-date breakeven mark.
UniFirst's latest earnings report is coming up before the open on Wednesday, April 2. The stock finished higher after three of its last four reports, though broader-market volatility will likely have an impact this time around, with President Trump's tariff deadline looming. Over the last two years, the stock has averaged a 6.4% move, regardless of direction. This time around, the options pits are pricing in a larger-than-usual, 8.4% swing.