Morgan Stanley Raises Price Target on Avis Budget Group (CAR) to $27; Reiterates Underweight

November 18, 2016 1:26 PM EST
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Price: $37.53 +2.35%

Rating Summary:
    4 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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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."

For an analyst ratings summary and ratings history on Avis Budget Group click here. For more ratings news on Avis Budget Group click here.

Shares of Avis Budget Group closed at $38.77 yesterday.

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