JPMorgan downgraded Hertz to Neutral from Overweight with a price target of $11, down from $17. While the stock “arguably trades inexpensively” on normalized out-year earnings, there are few near-term positive catalysts on the horizon, the analyst tells investors in a research note. The firm reduced estimates such that it now expects Hertz in 2024 to neither grow earnings nor to generate positive free cash flow. The company also has little potential to capitalize upon a lower stock price via share repurchases, adds JPMorgan.
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