Citigroup (Credit) Raises Hertz Global (HTZ) Senior Notes to Neutral; Downside Priced In
Get Alerts HTZ Hot Sheet
Rating Summary:
4 Buy, 9 Hold, 3 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
Join SI Premium – FREE
Citigroup credit analyst Manish Somaiya upgraded Hertz Global (NYSE: HTZ) long dated senior notes to Neutral from Sell, as their thesis has played out and they now believe much of the downside is priced in.
Somaiya commented, "On Dec 2 (yesterday) we spoke with car rental industry veteran Sanford Miller. Mr. Miller was President and CEO of Budget Rent-a-Car from 1997-2003 and more recently held senior leadership roles at Franchise Services of North America. Our speaker was optimistic that residual values would be manageable and that the pricing environment was poised for further gains in 2015."
"Following the recent “self-inflicted wounds” at HTZ, the Company is well positioned to fix its operations and improve pricing by 2H15, in time for the seasonally important summer period, per Mr. Miller," Somaiya also stated.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Teleperformance (TEP:FP) (TLPFY) PT Lowered to EUR125 at RBC Capital, 'perceived risk profile makes it a no-fly zone for many investors'
- Dollar General (DG) PT Raised to $175 at Argus
- Hennes & Mauritz AB (HMB:SS) (HNNMY) PT Raised to SEK190 at RBC Capital, 'showing some promising signs '
Create E-mail Alert Related Categories
Analyst Comments, Credit RatingsRelated Entities
CitiSign 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!