Hertz Global (HTZ) Q1 Results Likely Below Consensus
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June 9, 2014 2:38 PM EDT
Wells Fargo maintained an Outperform rating on Hertz Global (NYSE: HTZ) and reduced its price target to $30-$33 (from $32-$36). The stock was also removed from Wells Fargo's Priority Stock List.
Analyst Richard M. Kwas said, The 9% decline in the stock on Friday (vs. +0.5% for the SPX) appears justified as future earnings could be revised by a similar percentage (impact from accounting errors, etc.). We... More
June 6, 2014 10:10 AM EDT
Hertz Global (NYSE: HTZ) stock declined pre-market Friday after the company announced additional accounting issues. Analyst Richard M. Kwas of Wells Fargo thinks the stock will find support at $27.
"The disclosure of further accounting issues should be a headwind for the stock. April pricing was up yr./yr. for the company's brands, but mix mitigates the benefit (our U.S. RPD is down slightly yr./yr. for Q2). The forward commentary was good, in our view. There were no comments about 2014 guidance given possible restatements. Using our current 2014 RAC EBITDA... More
June 6, 2014 9:10 AM EDT
In addition to general worry about Hertz Global Holdings (NYSE: HTZ) related today's disclosure of errors in its financial reports, the company also disclosed that its spin-off of "HERC," the Hertz Equipment Rental Corporation, could be delayed as a result:
Our equipment rental... More
