JPMorgan lowered the firm’s price target on Hertz to $5 from $6 and keeps a Neutral rating on the shares. The firm “again” lowered estimates saying the company reported Q2 earnings which tracked softer than expected. The analyst sees sustained higher vehicle depreciation expense impacting Hertz’s EBITDA amid a potentially accelerated fleet refresh as new management seeks to recover from “ill-fated earlier embrace” of Teslas.
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