Citi opens ’30-day positive catalyst watch’ on United Rentals

Citi analyst Timothy Thein sees favorable risk-adjusted upside for United Rentals despite the stock’s recent outperformance, and initiated aa "30-day positive catalyst watch" based on upside to near-term estimates. On the back of 30% year-over-year growth in dollar volume non-residential starts in 2022, Citi raised its construction spending / volume forecast, which in turn leads to an increase to United Rentals rental volume assumptions. The analyst keeps a Buy rating on the shares with a $450 price target.