United Rentals price target raised to $320 from $300 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on United Rentals to $320 from $300 but keeps an Underperform rating on the shares after its Q2 results. The company’s earnings beat and guidance raise was largely a function of increased equipment disposals while core rental operations were essentially in line with expectations, the analyst tells investors in a research note. The common theme across rental company earnings has been sizable increase in equipment deliveries in the first half of the year as OEM suppliers are rapidly increasing production, but its very likely that growth slows quite a bit in 2024, the firm adds.