Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

KeyBanc Cuts Herc's Price Target By ~22%

  • KeyBanc lowered the price target for Herc Holdings Inc (NYSE:HRIto $155 (an upside of 48%) from $200 while maintaining the Overweight rating on the shares.
  • While investors have become more cautious about the equipment rental industry dynamics due to rising cycle concerns and the potential impact on industrial and nonresidential construction demand in 2023, keyBanc believes HRI's multiple excessively punished for a fundamentally improved business compared to previous downturns.
  • Given Herc's improved leverage and margin profile, KeyBanc analysts believe the risk of HRI revisiting recent multiple lows is limited.
  • KeyBanc stated that it reduced its price target to account for recent volatility and macro uncertainty, adding risk/reward as compelling at current levels.
  • Price Action: HRI shares are trading lower by 6.90% at $104.66 on the last check Wednesday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
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
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.