- Barclays analyst Brian Johnson lowered the price target for Avis Budget Group Inc (NASDAQ:CAR) to $158 (1.7% upside) from $223 while maintaining the Equal Weight rating on the shares.
- The analyst reduced the price target on Hertz Global Holdings Inc (NASDAQ:HTZ) to $21 (28% upside) from $23 while maintaining the Over Weight rating on the shares.
- Johnson points out that the supply/demand imbalance for Avis and Hertz is being exacerbated by Enterprise, which may be adding to the rental car supply crunch by assigning the fleet to its pre-negotiated corporate contracts at the expense of the leisure segment.
- The analyst assesses that 20% of the U.S. leisure market is at stake for Enterprise to reclaim.
- Johnson sees Q4 and 2023 at risk of negative earnings revisions for Avis and Hertz, reflecting waning consumers, a recovery in new car production, and the chance of Enterprise taking back airport share.
- Price Action: CAR shares are trading higher by 3.07% at $155.54 and HTZ lower by 1.23% at $16.41 on the last check Tuesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Barclays Cuts Price Target For Avis Budget & Hertz Global - Read Why
Avis
Hertz (Organization)
Barclays
CAR (Organization)
Enterprise
Brian Johnson
Nasdaq
HTZ
Hertz Global Holdings Inc
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks