UPDATE: Goldman Sachs Starts Hertz Global (HTZ) at Neutral

Goldman Sachs analyst Stephen Grambling initiates coverage on Hertz Global (NASDAQ: HTZ) with a Neutral rating and a price target of $32.00.

The analyst comments "We initiate coverage of Hertz with a Neutral rating and price target of $32, equating to 36% upside (in line with our coverage average of 30% after the recent Omicron-led pullback). From a fundamental perspective, HTZ is benefiting from an ideal backdrop for the rental car industry: rapidly recovering travel demand, reduced supply of industry-wide fleets, and a broader vehicle shortage driving up used car pricing. When combined with internal initiatives (including the Tesla and Carvana partnerships), we expect HTZ to hold at or above 2021 peak adj. EBITDA through 2023. Additionally, an improved balance sheet should provide added flexibility to reinvest or redistribute cash back to shareholders, potentially limiting downside risk to HTZ shares and even offering potential for a re-rating if structural changes prove out."

For an analyst ratings summary and ratings history on Hertz Global click here. For more ratings news on Hertz Global click here.

Shares of Hertz Global closed at $24.06 yesterday.

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