Baird analyst Mircea Dobre raised the firm’s price target on United Rentals to $425 from $375 and keeps a Neutral rating on the shares after the company ended 2022 "on a strong note" with Q4 results mostly in line with the firm’s expectations and introduced 2023 guidance above consensus. 2023 guidance reflects a continuation of strong end-market demand and tight equipment availability trends observed in 2022, but the firm is sticking to its view that higher supply and moderating demand will occur this year, which "should change the economics of URI and the industry."
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Read More on URI:
- United Rentals price target raised to $460 from $420 at UBS
- United Rentals initiates quarterly dividend of $1.48 per share
- United Rentals resumes stock buybacks, to repurchase $1.0B in 2023
- United Rentals sees FY23 revenue $13.7B-$14.2B, consensus $13.46B
- United Rentals reports Q4 EPS $9.15, consensus $10.37
