Morgan Stanley Raises Price Target on Avis Budget Group (CAR) to $27; Reiterates Underweight
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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."
Shares of Avis Budget Group closed at $38.77 yesterday.
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