Hertz upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Hertz to Overweight from Equal Weight with a price target of $15, down from $16. While the company’s “aggressive EV strategy” has exacerbated significant challenges in both fleet cost and operating expense per unit, Hertz has begun to take “decisive action to address self-inflicted challenges from its large EV fleet,” the analyst tells investors. Given about 90% upside to its revised price target, the firm sees “an improved risk reward,” the analyst added.