Herc Holdings downgraded to Underperform from Buy at BofA

BofA downgraded Herc Holdings to Underperform from Buy with a price target of $140, down from $150. The impact from the ongoing writers’ and actors’ dual strikes is likely to weigh on flow-through in the near-term and is not accounted for in consensus, the analyst tells investors. While stating that the impact from entertainment “will be relatively minor” at 3%-5% of sales, it “muddies a story that has become more about execution” while the stock has risen 40% since June, the analyst added.