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HTZ

Hertz

$15.66

-0.24 (-1.51%)

09:30
08/07/18
08/07
09:30
08/07/18
09:30

Morgan Stanley doesn't expect lower fleet cost to last at Hertz

Morgan Stanley analyst Adam Jonas said lower fleet cost "saved the quarter" for Hertz, but he does not expect that to last. The analyst, who notes there is still no guidance from the company, remains cautious on the transportation network company business and still sees Hertz having a secularly challenged business model, exposure to rising rates, and high leverage. He keeps an Underweight rating on Hertz shares.

  • 07

    Aug

HTZ Hertz
$15.66

-0.24 (-1.51%)

01/18/18
MACQ
01/18/18
UPGRADE
MACQ
Outperform
Hertz upgraded to Outperform on improving industry trends at Macquarie
Macquarie analyst Hamzah Mazari upgraded Hertz to Outperform and raised its price target to $30 from $26. Mazari is more bullish on 2018 rental car pricing given fleet cutting by Enterprise, the positive impact on corporate travel from tax reform, and the potential US infrastructure bill creating excess demand. For Hertz specifically, Mazari said expectations are low, investment spending is rolling off, and the industry is operating as a more "functional oligopoly."
01/18/18
01/18/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Walmart (WMT) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Matthew Fassler saying selling consumables to middle-income consumers in small markets remains a compelling strategic position. 2. Hertz (HTZ) upgraded to Outperform from Neutral at Macquarie with analyst Hamzah Mazari saying he is more bullish on 2018 rental car pricing given fleet cutting by Enterprise, the positive impact on corporate travel from tax reform, and the potential US infrastructure bill creating excess demand. For Hertz specifically. 3. Alarm.com (ALRM) upgraded to Buy from Hold at Jefferies analyst John DiFucci saying Alarm.com is at the forefront of the trend towards connected homes and devices. 4. PPL Corp. (PPL) upgraded to Buy from Hold at Deutsche Bank with analyst Jonathan Arnold saying the current valuation is "too cheap to ignore," and U.K. energy regulator Ofgem failing to implement a mid-period review of RIIO-ED1 offers "decent prospects for a near-term re-rating catalyst." 5. Fluor (FLR) upgraded to Outperform from Neutral at Credit Suisse with analyst Jamie Cook saying investors will gravitate back to Engineering & Construction stocks as fundamentals for the group are improving. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/28/18
MSCO
02/28/18
NO CHANGE
MSCO
Underweight
Hertz lack of 2018 guidance shouldn't be a surprise, says Morgan Stanley
Morgan Stanley analyst Adam Jonas said the fact that Hertz management did not provide financial guidance for 2018 should not be a surprise as the car rental industry "doesn't grow" and the company has total debt "far greater" than its total revenue. He believes management commentary on 2018 suggests elevated turnaround and transition expenses will continue before an improvement in 2019. Jonas, who still thinks Hertz may need to consider significant structural changes given the challenges facing the traditional car rental business model, keeps an Underweight rating on Hertz shares.
06/26/18
MSCO
06/26/18
INITIATION
Target $30
MSCO
Underweight
Avis Budget resumed with an Underweight at Morgan Stanley
Morgan Stanley analyst Adam Jonas resumed coverage of Avis Budget (CAR) with an Underweight rating and $30 price target, as he believes the company, and the U.S. car rental industry, may have a hard time raising prices sufficiently to offset rising vehicle depreciation costs. Both Avis and Hertz (HTZ) are "heavily dependent" on the used car market and credit environment, said Jonas, who also reiterated an Underweight rating on Hertz, though he increased his price target on its shares to $15 from $13.

TODAY'S FREE FLY STORIES

FCX

Freeport McMoRan

$14.38

-0.22 (-1.51%)

11:05
09/24/18
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Options
Freeport McMoRan call volume above normal and directionally bullish »

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11:05
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General news
4-Week Bill Announcement Offering Amount data reported »

4-Week Bill Announcement…

MCD

McDonald's

$163.93

-0.23 (-0.14%)

11:02
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  • 24

    Sep

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$290.57

-1.46 (-0.50%)

11:01
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Periodicals
White House accepts Rod Rosenstein's resignation, Bloomberg reports »

Following an Axios report…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$290.57

-1.46 (-0.50%)

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11:00
09/24/18
09/24
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General news
FX Action: USD-JPY »

FX Action: USD-JPY…

NTR

Nutrien

$57.09

-0.15 (-0.26%)

10:58
09/24/18
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Hot Stocks
Nutrien announces Jochen Tilk will step down as Executive Chair »

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  • 13

    Nov

NTNX

Nutanix

$43.00

-3.55 (-7.63%)

, MSFT

Microsoft

$113.86

-0.84 (-0.73%)

10:56
09/24/18
09/24
10:56
09/24/18
10:56
Downgrade
Nutanix, Microsoft, VMware rating change  »

Nutanix downgraded to…

NTNX

Nutanix

$43.00

-3.55 (-7.63%)

MSFT

Microsoft

$113.86

-0.84 (-0.73%)

VMW

VMware

$153.86

1.86 (1.22%)

03/08/13
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  • 24

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    Nov

  • 06

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    Dec

  • 03

    Mar

IONS

Ionis Pharmaceuticals

$50.45

1.34 (2.73%)

, ALNY

Alnylam

$92.42

-2.17 (-2.29%)

10:56
09/24/18
09/24
10:56
09/24/18
10:56
Recommendations
Ionis Pharmaceuticals, Alnylam analyst commentary  »

Ionis platelet issue now…

IONS

Ionis Pharmaceuticals

$50.45

1.34 (2.73%)

ALNY

Alnylam

$92.42

-2.17 (-2.29%)

03/08/13
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  • 01

    Oct

  • 06

    Oct

  • 27

    Nov

10:55
09/24/18
09/24
10:55
09/24/18
10:55
General news
Treasury Action: yields reverted lower »

Treasury Action: yields…

TRU

TransUnion

$74.19

-0.11 (-0.15%)

10:50
09/24/18
09/24
10:50
09/24/18
10:50
Options
Notable call write in TransUnion »

Notable call write in…

03/08/13
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  • 25

    Sep

  • 26

    Sep

  • 21

    Oct

  • 23

    Oct

10:50
09/24/18
09/24
10:50
09/24/18
10:50
General news
U.S. Dallas Fed manufacturing index dropped 2.8 points to 28.1 in September »

U.S. Dallas Fed…

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$290.74

-1.29 (-0.44%)

10:46
09/24/18
09/24
10:46
09/24/18
10:46
Technical Analysis
Technical Take: SPDR S&P 500 ETF nears session lows »

The SPDR S&P 500 ETF…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$290.74

-1.29 (-0.44%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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P

Pandora

$9.43

0.35 (3.85%)

, SIRI

Sirius XM

$6.55

-0.425 (-6.10%)

10:45
09/24/18
09/24
10:45
09/24/18
10:45
Downgrade
Pandora, Sirius XM rating change  »

Pandora downgraded to…

P

Pandora

$9.43

0.35 (3.85%)

SIRI

Sirius XM

$6.55

-0.425 (-6.10%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 24

    Sep

  • 27

    Sep

10:45
09/24/18
09/24
10:45
09/24/18
10:45
General news
Breaking General news story  »

4-Week Bill Announcement…

NBIX

Neurocrine

$121.55

1.7 (1.42%)

10:45
09/24/18
09/24
10:45
09/24/18
10:45
Conference/Events
Neurocrine has a conference call hosted by JPMorgan »

JPMorgan Analyst Rama…

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  • 24

    Sep

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$291.02

-1.01 (-0.35%)

10:40
09/24/18
09/24
10:40
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10:40
Periodicals
Deputy AG Rod Rosenstein verbally resigns to John Kelly, Axios reports »

Deputy Attorney General…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$291.02

-1.01 (-0.35%)

03/08/13
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CLF

Cleveland-Cliffs

$12.47

0.31 (2.55%)

10:40
09/24/18
09/24
10:40
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10:40
Options
Cleveland Cliffs calls active as shares move to 52-week highs »

Cleveland Cliffs calls…

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  • 19

    Oct

AMEH

Apollo Medical

$17.73

1.11 (6.68%)

10:39
09/24/18
09/24
10:39
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10:39
Hot Stocks
Breaking Hot Stocks news story on Apollo Medical »

Apollo Medical Holdings…

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10:37
09/24/18
09/24
10:37
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10:37
General news
Dallas Fed Mfg Survey General Activity Index data reported »

September Dallas Fed Mfg…

AMEH

Apollo Medical

$17.73

1.11 (6.68%)

10:34
09/24/18
09/24
10:34
09/24/18
10:34
Hot Stocks
Breaking Hot Stocks news story on Apollo Medical »

Apollo Medical Holdings…

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CZR

Caesars

$10.53

-0.25 (-2.32%)

10:30
09/24/18
09/24
10:30
09/24/18
10:30
Recommendations
Caesars analyst commentary  »

Caesars defended at…

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USO

United States Oil Fund

$15.20

0.25 (1.67%)

10:30
09/24/18
09/24
10:30
09/24/18
10:30
Options
30K US Oil Fund Oct 14 - 15 call spreads trade at 74c »

30K US Oil Fund Oct 14 -…

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JD

JD.com

$25.38

-1.1 (-4.15%)

10:25
09/24/18
09/24
10:25
09/24/18
10:25
Hot Stocks
JD.com drops as new WeChat messages emerge following CEO's rape accusations »

Shares of JD.com (JD)…

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ALXN

Alexion

$126.66

4.69 (3.85%)

10:24
09/24/18
09/24
10:24
09/24/18
10:24
Recommendations
Alexion analyst commentary  »

Piper 'incrementally…

03/08/13
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  • 24

    Sep

  • 18

    Feb

CMCSA

Comcast

$34.93

-2.98 (-7.86%)

, DIS

Disney

$112.80

2.08 (1.88%)

10:22
09/24/18
09/24
10:22
09/24/18
10:22
Hot Stocks
Comcast slides after topping Disney in bid to buy Sky »

Shares of Comcast (CMCSA)…

CMCSA

Comcast

$34.93

-2.98 (-7.86%)

DIS

Disney

$112.80

2.08 (1.88%)

CMCSK

Comcast

$0.00

(0.00%)

FOXA

21st Century Fox

$44.63

0.3 (0.68%)

SKYAY

Sky

$0.00

(0.00%)

FOX

21st Century Fox

$44.24

0.27 (0.61%)

03/08/13
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  • 24

    Sep

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