United Rentals price target raised to $940 from $780 at JPMorgan

JPMorgan raised the firm’s price target on United Rentals to $940 from $780 and keeps an Overweight rating on the shares after meetings with management. The firm says United Rentals “remains more than a near-term cyclical play,” as the messages from the meetings were positive with an increasingly diversified portfolio lowering cyclicality, several multi-year macro tailwinds benefitting its end markets, and a focus on consistently lifting margins. The analyst believes second half of 2024 estimates are “largely de-risked” while 2025 should be another growth year for the company.