Morgan Stanley Raises Price Target on Avis Budget Group (CAR) to $27; Reiterates Underweight
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Morgan Stanley reiterated an Underweight rating on Avis Budget Group (NASDAQ: CAR), and raised the price target to $27.00 (from $20.00), following 3Q and capital markets day. For 2016, Morgan Stanley's forecast is in line with most recent guidance at around $850mm EBITDA and $2.93 of EPS.
Analyst Adam Jonas commented, "CAR continues to out-execute HTZ on costs and revenue, driving ~50% stock outperformance vs. HTZ. We raise our price target to $27 after a stronger than expected 3Q and LBO model roll-fwd. We heavily discount CAR’s longer term targets due to cyclical and secular forces out of their control."
Shares of Avis Budget Group closed at $38.77 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Ciena (CIEN) to $30 Following 4Q
- Stifel Reiterates Buy on Selecta Biosciences (SELB) Following Phase l Data Release
- Jefferies Downgrades SL Green Realty (SLG) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesMorgan Stanley
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!