Goldman Sachs upgraded Avis Budget to Neutral from Sell with a price target of $130, up from $118. The firm believes its Sell thesis has now played out. The analyst continues to see pricing and residual value pressures on the industry, but believes Avis will fare better than peers given its “lean” cost base, lower exposure to electric vehicles and slightly younger fleet mix. It believes estimates for 2024 “have troughed” but still sees some downside to 2025 numbers.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CAR:
- Avis Budget call volume above normal and directionally bullish
- Avis Budget upgraded to Buy from Neutral at Northcoast
- Snowflake, MongoDB downgraded to Sell: Wall Street’s top analyst calls
- Avis Budget initiated with a Buy at BofA
- Morgan Stanley upgrades U.S. auto industry view to Attractive from In-Line
