RBC Capital initiated coverage of United Rentals (URI) with an Outperform rating and $1,152 price target Although the valuation has recently re-rated, the firm believes this has in part been driven by the bonus depreciation benefit within the One Big Beautiful Bill Act, which has resulted in a step-change to free cash flow conversion. RBC added that, longer-term, its views the Equipment Rental industry as structurally attractive.
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