Dollar Thrifty (DTG) Shares Higher Despite Oscar Gruss Downgrade

Oscar Gruss' Bill Kavaler downgraded shares of Dollar Thrifty (NYSE: DTG) from Buy to Hold Wednesday morning. The analyst boosted his takeover price target on the stock from $70 to $72.

Kavaler noted Dollar Thrifty shares are up about 14 percent since reporting Q3 results on November 1st. Shares of Hertz (NYSE: HTZ) and Avis (NYSE: CAR) are down 2 and 22 percent, respectively, over the same time frame.

The analyst believes "HTZ will be able to resolve its antitrust issues...and make a new offer for DTG shortly after signing an agreement with the FTC. We believe the new offer is likely to imply a higher per-share value than the current value of the May offer. We caution, however, that we expect HTZ to be disciplined in its valuation of the company."

Despite the downgrade, shares of Dollar Thrifty are up 0.8 percent to $70.28 Wednesday morning.

For an analyst ratings summary and ratings history on Dollar Thrifty click here. For more ratings news on Dollar Thrifty click here.

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