Morgan Stanley lowered the firm’s price target on Avis Budget to $190 from $230 and keeps an Overweight rating on the shares. Avis’ “much weaker than expected” FY24 outlook knocked 25% to 30% off FY24 consensus EBITDA estimates and the multiple compressed as buybacks halted, notes the analyst, who says FY24 forecasts “appear largely de-risked” and notes the firm’s revised price target still represents 90% upside.
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