UPDATE: Morgan Stanley Downgrades Avis Budget Group (CAR) to Equalweight
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Morgan Stanley analyst Billy Kovanis downgraded Avis Budget Group (NASDAQ: CAR) from Overweight to Equalweight with a price target of $67.00 (from $67.00).
The analyst comments "Following the strong performance of CAR alongside the increases in Consensus earnings estimates in outer years, we believe that the market has now priced in a meaningful part of the earnings recovery ahead. We remain bullish on the path forward but move to EW on a balanced risk-reward."
Shares of Avis Budget Group closed at $72.04 yesterday.
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