Barclays analyst Brian Johnson upgraded Hertz Global Holdings to Equal Weight and raised his price target for the shares to $18 from $14. Strength in used car and rental car prices creates a favorable backdrop for Hertz to refinance its corporate debt, Johnson tells investors in a research note.
As previously reported, BofA downgraded Hertz to Underperform from Neutral with a price target of $3, down from $9, telling investors that the company's Q1 results "well below" BofA and Street estimates failed to allay concerns about higher fleet costs that are unlikely to meaningfully subside in the near-term. Liquidity is also an increasing concern and while the firm sees the company having multiple levers to manage its liquidity, it expects the company is "likely to end up with more leverage," the analyst added.
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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here