Credit Suisse Downgrades Hertz Global (HTZ) to Neutral

Credit Suisse downgraded Hertz Global (NYSE: HTZ) from Outperform to Neutral with a price target of $12.00 (from $15.00), citing a lower confidence in the company's outlook.

Analyst Anjaneya Singh commented, "Since HTZ released its FY16 guidance ~5 months ago, it has seen two downward revisions, with the first one coming just ~1 month ago. We have been becoming increasingly apprehensive regarding the visibility in the rental car industry, and the recent guidance cuts further confirm those fears. While we had defended HTZ in mid-January at $9, we now have lower confidence in our outlook in light of these guidance cuts, and reasons cited. With continued risks to the HERC spin, and the CAR Inc. divestiture having mostly played out, we also see less supportive catalysts going forward."

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 $8.59 yesterday.

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