Oppenheimer downgraded Hertz (HTZ) to Perform from Outperform as the firm believes next year will be a transition year for the company. Hertz will face several headwinds in 2024, including significant ongoing challenges to its EV initiative, higher vehicle interest expense, and higher DPU. As a result, the firm lowers 2024 EBITDA to $823M, from $1,215M. On Oppenheimer’s new estimates, Hertz trades almost in line with Avis Budget (CAR), a valuation the firm thinks does not adequately account for the inherent risks.
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: