William Blair analyst Tim Mulrooney says that while he expects Cintas to outperform the broader market over the long term, the stock's near-term upside will be limited as fiscal 2020 consensus figures "appear aggressive." Further, some uniform rental customers are likely under pressure from trade-related issues while May payroll growth was "underwhelming," Mulrooney tells investors in a research note. The analyst keeps an Outperform rating on Cintas but is cautious on the company's fiscal 2020 guidance and notes the stock's valuation is near its all-time high.