Barclays Cuts Price Targets On These Two Car Rental Companies

• Barclays analyst Brian Johnson lowered Hertz Global Holdings Inc (NASDAQ:HTZ) price target to $26 from $28 and maintained an Overweight rating on the shares.
• The analyst also lowered Avis Budget Group Inc (NASDAQ:CAR) price target to $168 from $217 and maintained an Underweight rating on the shares.
• The analyst reduced estimates modestly and points to "what now may be the peak for earnings revisions, near term, in the rental car space."
• Johnson says, within that backdrop, "valuations appear to be coming in slightly, though we still see room for earnings and multiples to converge."
• Also Read: Deutsche Bank Upgrades This Mobility Solutions Provider
• Oppenheimer Sees 27% Upside In Hertz Global
• Price Action: HTZ shares traded higher by 1.59% at $22.05 and CAR up by 5.21% at $197.47 on the last check Thursday.