Jefferies Starts Herc Holding (HRI) at Hold
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Jefferies initiates coverage on Herc Holding (NYSE: HRI) with a Hold rating and a price target of $44.00.
Analyst Justin Jordan commented, "Post the June 2016 spin-off from Hertz, Herc Rentals (HRI) is #3 equipment rental operator. Herc's trading performance and returns lag peers, with 3.8x Net Debt/EBITDA leverage constraining expansion. Herc has a five-year ‘Path Forward’ improvement plan, focusing on boosting margins and returns. Trading on CY17 5.7x EV/ EBITDA, in line with larger peer URI, suggests considerable recovery is already priced in. Initiate at Hold with a $44 PT (based on 5.9x CY17 EV/EBITDA), reflecting leverage and plan execution concerns."
Shares of Herc Holding closed at $38.63 yesterday.
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