Deutsche Bank lowered the firm’s price target on Avis Budget (CAR) to $183 from $202 and keeps a Buy rating on the shares. The Q1 car rental results are likely to confirm what all relevant data points have been pointing to since January: it will be a weak quarter across the board, the analyst tells investors in a research. However, the firm believes strongly that Q1 will prove to be the trough of the post-COVID correction cycle. It has a “clear preference” for owning Avis over Hertz (HTZ), saying the latter’s recent CEO change introduces near-term risks associated with potential strategic pivots.
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Read More on CAR:
- Avis Budget price target lowered to $187 from $190 at Morgan Stanley
- Hertz price target lowered to $9 from $10 at Morgan Stanley
- DoorDash initiated, Block downgraded: Wall Street’s top analyst calls
- Avis Budget upgraded to Neutral from Sell at Goldman Sachs
- Avis Budget call volume above normal and directionally bullish
