Avis Budget price target raised to $155 from $140 at BofA

BofA raised the firm’s price target on Avis Budget to $155 from $140 and keeps a Buy rating on the shares. The company’s fleet costs were meaningfully better than the firm forecast in Q1, and this was the primary driver of the earnings beat, the analyst tells investors in a research note. BofA adds that it is now assuming an average fleet cost per unit of $343/unit in 2024, down from its prior estimate of $362/unit, also stating that it sees Avis with “good management” of its direct operating expenses.