Hertz Global (HTZ) Neutral Rating Suspended at Goldman Sachs
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Wells Fargo Downgrades Hertz Global (HTZ) to Market Perform
November 17, 2014 7:36 AM ESTWells Fargo downgraded Hertz Global (NYSE: HTZ) from Outperform to Market Perform with a price target of $$20-$24 (from $30-$33). Last week it provided an update on restatements. Analyst Richard M. Kwas now expects 2016 EBITDA to be materially lower than his previous downside... More
Hertz Global (HTZ) Restatements Much Worse than Expected, Says Deutsche Bank
November 14, 2014 10:10 AM ESTDeutsche Bank maintained a Hold rating on Hertz Global (NYSE: HTZ). Earlier it provided an update on restatements. In the view of analyst Chris Woronka, they were "much worse than expected."
"At a very high level, we believe HTZs 2-3 year earnings... More
Hertz Global (HTZ) Outlines New U.S. Rental Car Strategy; Offers Certain Prelim. Q3 Results; Plans $100M Cost Reduction
November 14, 2014 7:18 AM ESTHertz Global (NYSE: HTZ) announced a new fleet purchasing strategy to improve the U.S. rental car business's competitive position and customer experience.
Additionally, the Company is implementing a global cost reduction program that is expected to result in approximately $100 million of run-rate cost savings by year end 2015.
Linda Fayne Levinson, Independent Non-Executive Chair of the Hertz Board, said, "We believe the actions we are announcing today will strengthen the Company's competitive position, improve customer satisfaction and drive financial performance. The Hertz team is fully aligned to execute on these key... More
Hertz Global (HTZ) Discloses Results of Internal Audit; Will Restate Certain Financials
November 14, 2014 7:12 AM ESTHertz Global (NYSE: HTZ) disclosed the following in an 8-K filed with the SEC on Friday:
On June 6, 2014, each of Hertz Global Holdings, Inc. (HGH) and The Hertz Corporation (THC and, together with HGH, Hertz or the Company) filed a Current Report on Form 8-K announcing the conclusion of the Audit Committee of the Board of Directors (the Audit Committee) that the financial statements for 2011 should be restated and that the 2012 and 2013 financial statements needed to be revised. Because of the errors identified, the Audit Committee also directed the Company to conduct a thorough review of the... More
