Hertz Names New CEO; Shares Pop

Car rental company Hertz Global Holdings, Inc. (NASDAQ: HTZ) has appointed Stephen M. Scherr as CEO, effective February 28. He has also been appointed to the company’s Board.

Scherr replaces interim CEO Mark Fields, who will continue as a Board member.

Most recently, Scherr was the CFO at Goldman Sachs (NYSE: GS). He quit at the end of last year after spending nearly 30 years at the investment banking firm.

Tom Wagner, a Board member at Hertz, said, “We have bold plans for Hertz over the long haul and we need a leader who knows how to turn big ideas into reality while inspiring people to work hard for change. Stephen has the patience, tenacity and charisma needed to push Hertz forward. We are certain that he will win the confidence of our valued customers, our hard-working employees and the company’s investors.”

About Hertz

Florida-based Hertz provides automotive vehicle rental service through the Hertz, Dollar, Thrifty, and Firefly brands. The company offers cars, crossovers, and light trucks for rent; ancillary products and services; rental of industrial, construction, and material handling equipment; and fleet-leasing and fleet-management services.

Following the announcement, HTZ stock gained 2.6% on Friday to close at $19.74. It went up another 1.3% in the extended trading session to end the day at $20.

Wall Street’s Take

Recently, Chris Woronka from Deutsche Bank maintained a Buy rating on the stock with a price target of $34 (72.2% upside potential).

Overall, the stock has a Moderate Buy consensus rating based on 4 Buys and 2 Holds. The average Hertz Global Holdings price target of $30 implies 52% upside potential. Shares have lost nearly 27% over the past year.

Investor Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Hertz, as 14.8% of investors on TipRanks increased their exposure to the stock over the past 30 days.

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