Sunbelt Rental Q3 Results Positive For Hertz (HTZ) - Wells Fargo

March 5, 2013 1:51 PM EST
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Price: $21.01 +1.20%

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Ashtead Group recently reported Q3 results, and analysts at Wells Fargo think the report created a positive read through for Hertz Global (NYSE: HTZ). Ashtead Group owns the Sunbelt rental brand in North America.

"U.S. Sunbelt revenues grew +28% yr/yr in February (includes some residual benefit from Super Storm Sandy)," stated a Wells Fargo analyst.

"The company is experiencing more favorable pricing dynamics in its monthly rate business. More specifically, the gap has narrowed between transactional rate growth (which has been strong for some time) and monthly rate growth. National accounts (rates are typically contractual) comprise over half of HTZ's NA equipment rental revenue base," added the analyst.

Wells Fargo has an Outperform rating on Hertz Global.

For an analyst ratings summary and ratings history on Hertz Global (NYSE: HTZ) click here. For more ratings news on Hertz Global click here.

Shares of Hertz Global closed at $19.68 yesterday.

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