Avis Budget Group Now Covered by JPMorgan Chase & Co. (CAR)
JPMorgan Chase & Co. started coverage on shares of Avis Budget Group (NYSE:CAR) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “We are relaunching coverage of CAR with an Overweight rating (previously Not Rated) and year-end 2014 price target of $36. We are positive on CAR, and believe its investment story is one that can be labeled ‘in progress.’ We believe that CAR, and the industry, is at the early stages of a more meaningful demand and pricing recovery. We commend CAR on the progress it has made so far on the overhaul of its European business, and believe this region is primed for a recovery, when Eurozone fundamentals finally cooperate. In addition, we believe CAR’s focus on price attainment, primarily through positive mix shift (i.e., small business accounts, focus on premium and specialty class vehicles), is finally starting to play out, and are hopeful that a stronger GDP environment in 2014 will continue to have a positive effect on pre-tax income, EPS and EBITDA growth.”
Several other analysts have also recently commented on the stock. Analysts at TheStreet downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note to investors on Thursday, October 3rd. Separately, analysts at Goldman Sachs Group Inc. downgraded shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research note to investors on Friday, September 27th. They now have a $30.00 price target on the stock, down previously from $33.00. Finally, analysts at Zacks downgraded shares of Avis Budget Group from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, August 30th. They now have a $25.00 price target on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Avis Budget Group currently has an average rating of “Hold” and an average target price of $29.40.
Avis Budget Group (NYSE:CAR) traded up 0.30% on Wednesday, hitting $28.355. 867,544 shares of the company’s stock traded hands. Avis Budget Group has a one year low of $15.85 and a one year high of $34.21. The stock has a 50-day moving average of $28.83 and a 200-day moving average of $29.85. The company has a market cap of $3.064 billion and a P/E ratio of 19.94.
Avis Budget Group (NYSE:CAR) last released its earnings data on Tuesday, August 6th. The company reported $0.50 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.50. The company had revenue of $2.00 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter last year, the company posted $0.94 earnings per share. Avis Budget Group’s revenue was up 7.3% compared to the same quarter last year. Analysts expect that Avis Budget Group will post $2.20 EPS for the current fiscal year.
Avis Budget Group, Inc (NYSE:CAR) operates two brands in the global vehicle rental industry through Avis and Budget.
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