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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on HTZ:
- IBM upgraded, Hertz downgraded: Wall Street’s top analyst calls
- Hertz downgraded to Hold from Buy at Jefferies
- Hertz Global Holdings call volume above normal and directionally bullish
- Apple upgraded, Palo Alto initiated: Wall Street’s top analyst calls
- Hertz jumps 5% to $8.80 after Morgan Stanley upgrade to Overweight