Herc Holdings price target raised to $117 from $116 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on Herc Holdings to $117 from $116 but keeps a Neutral rating on the shares. The company’s Q3 rental revenue, EBITDA, and EPS were all below consensus despite a sizable increase in equipment disposals benefiting EBITDA, the analyst tells investors in a research note. The firm adds that the management sounded confident on 2024 ahead of November 2 investor day, but Baird is maintaining a more cautious view as megaproject tailwinds are battling growing headwinds in other portions of non-residential sector that are evident in lower year-to-date building starts.