Hertz price target lowered to $7 from $8 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Hertz to $7 from $8 and keeps an Equal Weight rating on the shares. Hertz has shown incremental progress ono its fleet refresh and reduced the risk of future liquidity strain with recent debt financing, the analyst tells investors in a research note. The firm noted, however, that outcomes are highly sensitive to management execution and the macro environment.