Jefferies Downgrades Hertz Global (HTZ) to Hold, 'EV Issues HERTZ Near- Term Profitability'
Jefferies analyst Stephanie Moore downgraded Hertz Global (NASDAQ: HTZ) from Buy to Hold with a price target of $8.00 (from $12.00).
The analyst comments "We are downgrading HTZ to Hold from Buy with an $8 PT. Our DG is predicated on our view that EV repair issues, higher opex and DPU will limit near-term profitability. We've lowered our 2024 EBITDA est. by 35% to ~$500mm; we think cons '24 ests +$815mm will likely prove to be too optimistic. Given the remediation of these issues are neither simple nor quick, we don't have a ton of conviction in even our reduced 2024 EBTIDA estimate, limiting near-term upside."
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Shares of Hertz Global closed at $8.99 yesterday.