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HTZ

Hertz

$14.55

-2.79 (-16.09%)

12:23
07/31/17
07/31
12:23
07/31/17
12:23

Hertz plummets after canceling debt buyback, analyst sees 'sharp miss'

Shares of car rental company Hertz (HTZ) are plunging after the company retracted an earlier conditional notice of redemption for part of its debt. An analyst downgrade and a cautionary note from CreditSights are also weighing on shares. REDEMPTION RESCINDED: In a regulatory filing out late Friday night, Hertz disclosed that it notifies its trustee that it will not be able to move forward with its prior notice to redeem $450M of outstanding notes. the redemption was supposed to happen on July 29, but the filing ended any hopes of that. The beleaguered car rental company said in its most recent filing that "that all of the conditions precedent to the consummation of the redemption of the 2019 Notes set forth in the Conditional Redemption Notice have not been, and will not be, satisfied by July 29, 2017, and thus the Conditional Redemption Notice has been rescinded and is of no further force and effect for any purpose." ANALYST SEES EARNINGS MISS: In a note out Monday morning, Barclay's analyst Brian Johnson downgraded Hertz Global Holdings to Underweight with an unchanged price target of $9. Fundamentals may have bottomed, but the stock is ignoring the challenges ahead in the company's earnings recovery following the nearly 100% rally since June 21, Johnson told investors in the research note. He expects a "sharp miss" relative to expectations when Hertz reports Q2 results. Adding to the decline was a note out over the weekend by CreditSights, saying, "HTZ seems determined to keep investors on razor edge with its latest headline rescinding the redemption of the 2019s. The 'conditions precedent ' could be tied to numerous factors, and the lack of transparency hurts -- yet again." PRICE ACTION: Shares of Hertz are near a session low of $14.50 per, down almost 16% in early afternoon trading

  • 08

    Aug

HTZ Hertz
$14.55

-2.79 (-16.09%)

06/14/17
DBAB
06/14/17
NO CHANGE
Target $45
DBAB
Buy
Avis Budget negative sentiment could be easing, says Deutsche Bank
Deutsche Bank analyst Chris Woronka attributes yesterday's rally in Avis Budget (CAR) shares to J.D. Power announcing a 270 basis point positive revision, from down 10.3% to down 7.6%, to the NADA used vehicle price index for June that it initially released late Monday. The rally implies that the "overwhelmingly" negative sentiment on Avis "could be showing signs of easing," Woronka tells investors in a research note. The analyst continues to view the Manheim used vehicle value index as the single most relevant data point for the shares. He believes July is a critical month for rental price and keeps a Buy rating on Avis with a $45 price target. Hertz (HTZ) yesterday followed shares of Avis higher.
06/27/17
MKMP
06/27/17
NO CHANGE
MKMP
Autonomous vehicle deals positive for car rental companies, says MKM Partners
After Avis (CAR) announced a multi-year deal with on autonomous vehicles with Alphabet's (GOOG, GOOGL) Waymo and news reports stated that Hertz (HTZ) is working with Apple (AAPL) on autonomous vehicles, MKM Partners analyst Christopher Agnew says the news should ease investors' concerns about car rental companies no longer existing in five to ten years. The analyst believes that car rental companies will become "more relevant" following the launch of autonomous vehicles due to their fleet management skills. He keeps Buy ratings on Hertz and Avis.
07/31/17
LEHM
07/31/17
DOWNGRADE
Target $9
LEHM
Underweight
Hertz downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Brian Johnson downgraded Hertz Global Holdings to Underweight with an unchanged price target of $9. Fundamentals may have bottomed, but the stock is ignoring the challenges ahead in the company's earnings recovery following the nearly 100% rally since June 21, Johnson tells investors in a research note. He expects a "sharp miss" relative to expectations when Hertz reports Q2 results.
07/31/17
07/31/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Sell from Hold at Pivotal Research with analyst Brian Wieser saying the shares are not factoring in risks to the company's growth following their "remarkable run" this year. 2. Ulta Beauty (ULTA) downgraded to Perform from Outperform at Oppenheimer with analyst Rupesh Parikh saying softer commentary from L'Oreal on its earnings call, increasing promotional activity from the department store channel, and more difficult year-over-year comparisons "could now signal a potentially more challenging beauty backdrop going forward." 3. Hertz (HTZ) downgraded to Underweight from Equal Weight at Barclays with analyst Brian Johnson saying fundamentals may have bottomed, but the stock is ignoring the challenges ahead in the company's earnings recovery following the nearly 100% rally since June 21. 4. Citi (C) downgraded to Market Perform from Outperform at BMO Capital with analyst James Fotheringham citing valuation and lack of catalysts. 5. Visteon (VC) downgraded to Neutral from Buy at UBS with analyst Colin Langan saying the risk/reward is more balanced with the shares up 60% over the last year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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UNP

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$105.65

0.8 (0.76%)

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URBN

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0.52 (2.36%)

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VALE

Vale

$9.94

0.16 (1.64%)

10:50
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10:41
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Conference/Events
Cowen analysts hold an analyst/industry conference call »

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FCX

Freeport McMoRan

$14.68

0.71 (5.08%)

10:40
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GOOG

Alphabet

$922.22

-0.45 (-0.05%)

, GOOGL

Alphabet Class A

$938.08

-0.85 (-0.09%)

10:38
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On The Fly: Top analyst initiations »

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GOOG

Alphabet

$922.22

-0.45 (-0.05%)

GOOGL

Alphabet Class A

$938.08

-0.85 (-0.09%)

FB

Facebook

$171.00

0.25 (0.15%)

GDDY

GoDaddy

$41.95

0.26 (0.62%)

WIX

Wix.com

$58.15

-2.35 (-3.88%)

BABA

Alibaba

$158.93

1.18 (0.75%)

AMZN

Amazon.com

$982.74

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PCLN

Priceline

$1,860.84

-13.115 (-0.70%)

SNAP

Snap

$13.10

0.36 (2.83%)

TWTR

Twitter

$16.18

0.23 (1.44%)

EBAY

eBay

$35.25

0.05 (0.14%)

HDS

HD Supply

$31.01

-0.58 (-1.84%)

SHLO

Shiloh Industries

$7.68

-0.33 (-4.12%)

03/08/13
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    Sep

DKS

Dick's Sporting

$27.57

0.7 (2.61%)

, TEVA

Teva

$17.78

-0.19 (-1.06%)

10:37
08/16/17
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Downgrade
On The Fly: Top five analyst downgrades »

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DKS

Dick's Sporting

$27.57

0.7 (2.61%)

TEVA

Teva

$17.78

-0.19 (-1.06%)

AAP

Advance Auto Parts

$88.57

1.49 (1.71%)

SLG

SL Green Realty

$99.52

0.05 (0.05%)

KRC

Kilroy Realty

$69.90

-0.07 (-0.10%)

GPT

Gramercy Property Trust

$29.15

-0.32 (-1.09%)

CBI

CB&I

$10.59

-0.605 (-5.41%)

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HD

Home Depot

$152.68

2.5128 (1.67%)

, MYL

Mylan

$30.13

0.5 (1.69%)

10:37
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HD

Home Depot

$152.68

2.5128 (1.67%)

MYL

Mylan

$30.13

0.5 (1.69%)

BIIB

Biogen

$287.92

1.87 (0.65%)

ZION

Zions Bancorp

$45.13

0.14 (0.31%)

PAYX

Paychex

$55.59

0.67 (1.22%)

03/08/13
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  • 17

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ADP

ADP

$111.58

1.89 (1.72%)

10:36
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Conference/Events
Pershing Square Capital Management holds a teleconference »

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  • 17

    Aug

MYL

Mylan

$30.13

0.5 (1.69%)

, TEVA

Teva

$17.67

-0.3041 (-1.69%)

10:33
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Citi views Mylan as best positioned in generic ratings shift »

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MYL

Mylan

$30.13

0.5 (1.69%)

TEVA

Teva

$17.67

-0.3041 (-1.69%)

ENDP

Endo

$8.14

0.52 (6.82%)

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  • 30

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XGTI

xG Technology

$2.21

-0.08 (-3.49%)

10:32
08/16/17
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Syndicate
xG Technology announces $3.2M registered direct offering, private placement »

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  • 16

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EVOL

Evolving Systems

$4.90

-0.2 (-3.92%)

10:31
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Evolving Systems to acquire Lumata; terms not disclosed »

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CL

Colgate-Palmolive

$71.85

0.045 (0.06%)

10:30
08/16/17
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Options
4.5K Colgate Aug - Sep 72.5 put spreads sold at 76c »

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NEFF

Neff

$24.80

-1.35 (-5.16%)

, HEES

H&E Equipment

$21.09

0.16 (0.76%)

10:29
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Breaking Hot Stocks news story on Neff, H&E Equipment »

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NEFF

Neff

$24.80

-1.35 (-5.16%)

HEES

H&E Equipment

$21.09

0.16 (0.76%)

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AAP

Advance Auto Parts

$88.96

1.875 (2.15%)

10:28
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Advance Auto Parts analyst commentary  »

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NEFF

Neff

$24.78

-1.375 (-5.26%)

, HEES

H&E Equipment

$21.09

0.16 (0.76%)

10:28
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Neff: H&E Equipment won't submit revised proposal to acquire company »

Neff Corporation (NEFF)…

NEFF

Neff

$24.78

-1.375 (-5.26%)

HEES

H&E Equipment

$21.09

0.16 (0.76%)

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NVRO

Nevro

$83.02

0.58 (0.70%)

10:25
08/16/17
08/16
10:25
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10:25
Conference/Events
Nevro has conference call hosted by Leerink »

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BMY

Bristol-Myers

$57.39

-0.48 (-0.83%)

, EXEL

Exelixis

$26.91

0.17 (0.64%)

10:22
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Hot Stocks
Analysts bullish on Exelixis after rival faces setback in kidney cancer trial »

Bristol-Myers Squibb…

BMY

Bristol-Myers

$57.39

-0.48 (-0.83%)

EXEL

Exelixis

$26.91

0.17 (0.64%)

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ETSY

Etsy

$15.64

-0.55 (-3.40%)

10:20
08/16/17
08/16
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10:20
Options
Early selling in Etsy calls Wednesday »

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$NSD

NASDAQ Market Internals

10:17
08/16/17
08/16
10:17
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10:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

10:16
08/16/17
08/16
10:16
08/16/17
10:16
Technical Analysis
NYSE market internals summary »

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