UPDATE: Oppenheimer Downgrades Zipcar (ZIP) to Perform; Marketing Misstep and UK Headwinds
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Price: $12.25 --0%
Rating Summary:
0 Buy, 8 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
0 Buy, 8 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade ZIP Now!
(Updated - August 3, 2012 12:44 PM EDT)
Oppenheimer downgraded Zipcar (NASDAQ: ZIP) from Outperform to Perform with a price target of $8.00 (from $24.00).
Analyst, Jason Helfstein, said, "Following disappointing 2Q results and guidance, we downgrade ZIP shares...We think ZIP needs to overhaul its marketing department to focus on member growth and drive existing member usage, both likely to take several quarters. Additionally, the UK continues to face economic headwinds. While investors are likely to blame competition, management acknowledged mistakes with 2Q marketing efforts."
For an analyst ratings summary and ratings history on Zipcar click here. For more ratings news on Zipcar click here.
Shares of Zipcar closed at $10.63 yesterday, with a 52 week range of $8.87-$25.88.
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Oppenheimer downgraded Zipcar (NASDAQ: ZIP) from Outperform to Perform with a price target of $8.00 (from $24.00).
Analyst, Jason Helfstein, said, "Following disappointing 2Q results and guidance, we downgrade ZIP shares...We think ZIP needs to overhaul its marketing department to focus on member growth and drive existing member usage, both likely to take several quarters. Additionally, the UK continues to face economic headwinds. While investors are likely to blame competition, management acknowledged mistakes with 2Q marketing efforts."
For an analyst ratings summary and ratings history on Zipcar click here. For more ratings news on Zipcar click here.
Shares of Zipcar closed at $10.63 yesterday, with a 52 week range of $8.87-$25.88.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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