KeyBanc analyst Ken Newman raised the firm’s price target on United Rentals to $515 from $425 and keeps an Overweight rating on the shares. United Rentals shares outperformed following Q4 results and the introduction of a strong FY23 guidance driven by accelerating rental activity, the analyst tells investors in a research note. The new guidance is potentially conservative, KeyBanc says, particularly as mega-projects supporting industrial reshoring trends continue to gain momentum, and benefits from infrastructure spending accelerate in 2H23.
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