|Over a month ago|
Herc Holdings price target raised to $53 from $44 at RBC Capital » 09:2210/2310/23/20
RBC Capital analyst Seth…
RBC Capital analyst Seth Weber raised the firm's price target on Herc Holdings to $53 from $44 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company's end markets are coming off their trough levels, while the management's "good" operating and capital expenditure discipline "bodes well" for its profitability, the analyst tells investors in a research note.
Herc Holdings raises 2020 adjusted EBITDA view to $655M-$675M from $625M-$650M » 06:3410/2210/22/20
Backs net fleet capital…
Backs net fleet capital expenditures view of $190M-$210M. "Our improving efficiency in Q3 reflects our ability to manage through challenging times," said CEO Silber. "We currently estimate Q4 fleet on rent is likely to decline approximately 4% to 6% and rental revenue to decline approximately 6% to 8% year-over-year. Adjusted EBITDA margin for the fourth quarter and full year should improve versus the comparable prior-year periods. Our strong free cash flow position for the nine-month period ending September 30, 2020, is already substantially higher than the amount we generated for the full year 2019, and should continue to improve during the remainder of the year. With reduced leverage and ample liquidity, we are well positioned for 2021".
Herc Holdings reports Q3 adjusted EPS $1.35, consensus 80c » 06:3210/2210/22/20
Reports Q3 revenue…
Reports Q3 revenue $456.7M, consensus $427.86M. "Volume improved sequentially throughout Q3 as many of our markets steadily recovered from the impact of COVID-19 and normal seasonality returned to the business," said CEO Larry Silber. "We continued to improve adjusted EBITDA margin as our operating efficiency and cost control initiatives reduced Q3 costs compared to the prior year. Despite the challenging business environment, our customer and industry diversification strategy continued to demonstrate the resilience of our business model".
|Over a quarter ago|
Herc Holdings lowers 2020 Adjusted EBITDA view to $625M-$650M from $760M-$790M » 06:3907/2307/23/20
Estimates the volume of…
Estimates the volume of fleet on rent in the second half is likely to decline approximately 8% to 13% year-over-year. Estimates equipment rental revenue in the second half will be down about 10% to 15% year-over-year.
Herc Holdings reports Q2 EPS 25c, consensus (60c) » 06:3707/2307/23/20
Reports Q2 revenue…
Reports Q2 revenue $368.0M, consensus $355.06M. CEO Larry Silber stated, "We maintained rates and did an excellent job of controlling costs in a challenging quarter. We took actions in 2019 to focus on disciplined capital expenditures and margin improvements, and with these programs in place, we were in a good position when the COVID-19 pandemic hit to intensify our cost control initiatives in line with business conditions. Despite the significant impact to our revenues, we were able to improve adjusted EBITDA margin by 380 basis points to 40.6% in the second quarter compared to the prior-year period. Our highest priority remains the safety of our employees and our customers and we have continued to maintain strict adherence to the Centers for Disease Control and Prevention's guidelines in our operations and interactions with customers. Our strategy to diversify our customers and fleet through specialty services has partially offset the overall impact of the pandemic on rental revenue. We are very pleased with the performance of our ProSolutions team in particular, as they continued to generate strong year-over-year growth during this healthcare crisis," Silber said.
Fly Intel: Top five analyst upgrades » 10:0507/0807/08/20
KSS, NKLA, SPGI, MMS, CAT, HRI
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Kohl's (KSS) upgraded to Buy from Neutral at BofA with analyst Lorraine Hutchinson saying the department store stocks have performed similarly year-to-date, but as the reopening phase continues, investors will begin to differentiate between different business model. 2. Nikola (NKLA) upgraded to Overweight from Neutral at JPMorgan with analyst Paul Coster saying the shares, after falling 40% in month-to-date in July, are starting to look attractive for long-term investors ahead of a "number of potential positive catalysts in coming weeks and months." 3. S&P Global (SPGI) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst George Tong saying S&P is a "classic compounder," with a wide "competitive moat" across its business lines. 4. Maximus (MMS) upgraded to Strong Buy from Market Perform at Raymond James with analyst Brian Gesuale saying the upgrade is based on Maximus' unique position administering social programs and his belief that it will pivot to organic growth in fiscal 2021 for the first time since fiscal 2017. 5. Herc Holdings (HRI) was upgraded to Buy from Neutral at BofA, while Caterpillar (CAT) was upgraded to Neutral from Underperform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Herc Holdings upgraded to Buy, Caterpillar upgraded to Neutral at BofA » 06:1907/0807/08/20
BofA analyst Ross Gilardi…
BofA analyst Ross Gilardi upgraded Herc Holdings (HRI) to Buy from Neutral and Caterpillar (CAT) to Neutral from Sell, citing improving economic data and more "consistent" dealer survey findings. While the trajectory of the economic recovery remains uncertain given the spiking sunbelt state pandemic cases and deteriorating U.S.-China relations, the analyst writes in his research note, economic data points around payrolls, ISM, consumer confidence, and early earnings are surprising to the upside. Gilardi adds that his construction dealer survey of 71 dealers was "not as bad as expected."
Herc Holdings upgraded to Buy from Neutral at BofA » 06:0807/0807/08/20
BofA upgraded Herc…
BofA upgraded Herc Holdings to Buy from Neutral.
Herc Holdings initiated with an Outperform at Baird » 16:1806/0806/08/20
Baird analyst Mircea…
Baird analyst Mircea Dobre initiated coverage of Herc Holdings with an Outperform rating and $40 price target.
Herc Holdings withdraws FY20 guidance » 06:3604/2304/23/20
Herc Holdings CEO Larry…
Herc Holdings CEO Larry Silber stated, "We have cut variable costs and taken steps to substantially reduce our capital expenditures to conserve capital. As of the end of Q1, we had ample liquidity of $1.1B. These unprecedented times make it difficult to predict the length of the economic slowdown related to the COVID-19 pandemic or the full impact on our business. As a result, we are withdrawing our 2020 guidance. Nonetheless, we believe the steps we have taken provide ample liquidity to fund our business in 2020 and beyond (...) We remain ready to support our customers' operations in whatever capacity we can during this uncertain time and especially when construction and business activities resume. (...)"