Morgan Stanley lowered the firm’s price target on Hertz to $16 from $20 and keeps an Equal Weight rating on the shares. Hertz management has acknowledged EVs are driving higher opex costs and falling residuals, but noted that it will continue to grow its EV fleet, albeit slower, the analyst tells investors. The EV headwinds for Hertz “may need to get worse before better,” the analyst added.
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Read More on HTZ:
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