Hertz Global Earns an Upgrade at Morgan Stanley

Morgan Stanley analysts upgraded Hertz Global (NASDAQ:HTZ) from Equalweight to Overweight, albeit with a reduced price target of $15.00, down from the previous $16.00.
The analysts discussed Hertz’s current challenges and future potential, noting that the company’s ambitious electric vehicle (EV) strategy has intensified existing issues related to fleet costs and operational expenses per unit. This has led to a significant lowering of consensus expectations.
However, the analysts believe that recent actions taken by Hertz, despite causing a sharp downward revision for the fiscal year 2024 forecasts and a sell-off in the stock, are likely to reduce long-term risks for the company.
Despite the reduced price target, the analysts pointed out that there is approximately a 90% upside to the revised price target, which they believe offers an improved risk-reward balance.

Subscribe to get Latest News

Latest Articles

More like this