Morgan Stanley Downgrades Hertz Global (HTZ) to Equalweight, 'Continued Risks to Strategy'

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HERTZ REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

February 6, 2024 7:30 AM EST

"Our business benefitted from solid demand and a stable rate environment in the fourth quarter," said Stephen Scherr, Hertz chair and chief executive officer. "Nevertheless, we continued to face headwinds related to our electric vehicle fleet and other costs throughout the quarter. We have taken steps to address those challenges and heading into 2024, we are confident that our planned reduction in EVs and cost base, along with the ongoing execution of our enhanced profitability plan, will enable us to regain our operational cadence and improve our financial performance with increasing effect... More