Morgan Stanley Downgrades Hertz Global (HTZ) to Underweight
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(Updated - September 14, 2017 5:57 AM EDT)
Morgan Stanley downgraded Hertz Global (NYSE: HTZ) from Equalweight to Underweight with a price target of $14.00 (from $12.00).
Analyst Adam Jonas cites the valuation for the downgrade as shares have tripled in the past three months. He raises his PT following an increase in pricing and volumes after the hurricanes for the H2 2017 and 2018 periods. Jonas remains fundamentally bearish on car rental noting his thesis remains unchanged.
Shares of Hertz Global closed at $23.93 yesterday.
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