UBS analyst Steven Fisher downgraded United Rentals to Neutral and lowered his price target to $118 from $166. The analyst is citing "increasing evidence" that the momentum in the company's key markets is turning lower, which he expects to result in a negative inflection in its EBITDA. Fisher anticipates that United Rentals' EBITDA will decline about 5% next year, adding that during periods of negative EBITDA momentum, the stock has historically declined. The analyst adds that while the business may be able to withstand the downturn better than in prior cycles, he is still waiting for the stock to show some "relative stability".