Hertz price target lowered to $6 from $10 at Deutsche Bank

Deutsche Bank analyst Chris Woronka lowered the firm’s price target on Hertz (HTZ) to $6 from $10 and keeps a Hold rating on the shares. The Q1 car rental results are likely to confirm what all relevant data points have been pointing to since January: it will be a weak quarter across the board, the analyst tells investors in a research. However, the firm believes strongly that Q1 will prove to be the trough of the post-COVID correction cycle. It has a “clear preference” for owning Avis (CAR) over Hertz, saying the latter’s recent CEO change introduces near-term risks associated with potential strategic pivots.