United Rentals (URI) PT, Estimates Raised at Piper Jaffray Following Analyst Day

Piper Jaffray analyst George Tong reiterated an Overweight rating and bumped his price target on United Rentals (NYSE: URI) to $128.00 (from $124.00) following the company's analyst day.

Tong commented, "We have increased visibility and confidence in United Rentals' multi-year growth outlook following its biennial analyst day in NYC on 12/4. We believe management's strategies to double down on specialty rentals, exercise capex discipline through the upcycle, improve OEC efficiency through lean initiatives, reduce leverage and repurchase shares will yield 20%+ annual EPS growth through 2017 while mitigating the risk of overfleeting. Moreover, we have increased conviction in URI's ability to navigate through declining oil prices."

The firm raised FY 2014 EPS from $6.85 to $6.91 and FY 2015 EPS from $8.48 to $8.58.

For an analyst ratings summary and ratings history on United Rentals click here. For more ratings news on United Rentals click here.

Shares of United Rentals closed at $113.35 yesterday.

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