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Citigroup (Credit) Raises Hertz Global (HTZ) Senior Notes to Neutral; Downside Priced In

December 3, 2014 12:38 PM EST
Get Alerts HTZ Hot Sheet
Price: $7.83 -3.21%

Rating Summary:
    4 Buy, 9 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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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.



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