As previously reported, Credit Suisse analyst Anjaneya Singh downgraded Avis Budget to Neutral from Outperform following the company's Q4 results. While the analyst still views Avis Budget to be the preferred play in rental cars, the lackluster growth environment implied in the company's outlook leaves him less bullish than before. Additionally, Singh sees the downside to the shares being limited by strong repurchases, leading him to view the risk/reward as relatively balanced. The analyst also lowered his price target on the stock to $38 from $44.