Stifel analyst Stanley Elliott raised the firm’s price target on United Rentals to $505 from $450 and keeps a Buy rating on the shares after the company’s Q4 EBITDA beat expectations and the 2023 outlook was "equally encouraging" in terms of both revenues and EBITDA. The company’s Announcement of a new dividend comes as United has shown consistent positive free cash flow through the cycle and opens up the shares to "a new investor audience," the firm argues. Stifel’s positive stance is based on the view that United is positioned to benefit from a backlog of mega-projects and the infrastructure bill ramp plus the fact that the company’s residential housing exposure is "negligible."
Published first on TheFly
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