UPDATE: BofA Securities Downgrades Avis Budget Group (CAR) to Neutral
- Wall St ends lower on Omicron worries, Fed taper angst
- November Job Gains Miss Expectations, Unemployment Rate Falls to 4.2%
- Elon Musk Offloads More Tesla (TSLA) Shares, Selling Tops $10 Billion; Here's How Much He Could Still Sell
- Shipping Times for iPhone 13 Improving, Apple (AAPL) Stock Remains 'Solidly Positioned' - BofA
- 'Just Pulled an Nvidia', 'Marvelous', 'Mother of All Cycles': Analysts Heap Praise on Marvell (MRVL) After Earnings, Outlook Beat; Goldman and Cowen Upgrade to Buy
BofA Securities analyst John Murphy downgraded Avis Budget Group (NASDAQ: CAR) from Buy to Neutral with a price target of $200.00 (from $125.00).
The analyst comments "Following a nearly 40% return in just the last month and a 345% performance in the stock YTD, we are downgrading CAR from Buy to Neutral based entirely on valuation. We still remain constructive on both macro dynamics for the Rental car companies and on CAR’s competitive positioning, but see risk-reward on the stock as less compelling. Our revised PO of $200 is based on 12x (prior 10x) EV/EBITDA on a blended average of our unchanged 2021-2022 estimates (prior on 2022E), as we see increasing risk that 2022 earnings may be revised up to elevated 2021 levels, along with possible constructive news flow coming from peer HTZZ as it looks to re-list as a public company."
Shares of Avis Budget Group closed at $165.99 yesterday.
You May Also Be Interested In
- When it Rains it Pours: DocuSign (DOCU) Stock Crashes 30% After 'Debacle' Quarter, 5 Analysts Downgrade as it May Take a Few Quarters to Recover
- HelloFresh SE (HFG:GR) (HLFFF) PT Raised to EUR115 at Deutsche Bank
- Docusign Inc. (DOCU) PT Lowered to $200 at FBN Securities, Following Earnings
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!