KeyBanc analyst Ken Newman raised the firm’s price target on United Rentals to $525 from $520 and keeps an Overweight rating on the shares. United Rentals modestly underperformed following its Q2 beat and guide raise, which likely reflects concerns around moderating pro forma fleet productivity and uncertainty around out-year fleet dynamics, the analyst tells investors in a research note. The forward demand outlook for domestic non-residential activity remains healthy as visibility for larger mega-projects supporting industrial reshoring, infrastructure, and other stimulus-funded programs continue to accelerate, KeyBanc says.
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- United Rentals price target raised to $320 from $300 at Baird
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