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.
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