JPMorgan lowered the firm’s price target on Avis Budget to $175 from $205 and keeps an Overweight rating on the shares. The company reported Q2 results that came in below JPMorgan’s high-end estimates but were less of a miss versus consensus and likely even exceeded investor expectations, which were lowered after Hertz’s softer Q2 results reported last week, the analyst tells investors in a research note. The firm reduced near-term estimates after Avis guided to Q3 EBITDA lower than its estimates.
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