Hertz Global Holdings Now Covered by Analysts at JPMorgan Chase & Co. (HTZ)
Research analysts at JPMorgan Chase & Co. initiated coverage on shares of Hertz Global Holdings (NYSE:HTZ) in a report released on Wednesday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “We are relaunching coverage of HTZ with an Overweight rating (previously Not Rated) and year-end 2014 price-target of $29. We are positive on the HTZ story and its prospects for 2014, when we believe industry demand and pricing turn in a more incremental fashion. In addition to the substantial synergies at hand with the company’s leisure-centric Dollar Thrifty brand, we think 2014 will benefit from higher utilization and fleet benefits from having its three brands on one common counter and fleet management system. That fact that 60% of its assets will be common to all three brands should have a meaningful impact on fleet utilization in our estimate period, and enable the company to run a much tighter fleet in comparison to years past – which should only benefit net fleet costs. Further, we are bullish on the prospects for HTZ’s equipment rental business and forecast double-digit revenue growth through 2015. Lastly, free cash flow growth should enable HTZ to delever through 2015 and hits ‘investment grade’–like net leverage metrics by early 2015.”
Hertz Global Holdings (NYSE:HTZ) traded down 0.87% during mid-day trading on Wednesday, hitting $21.61. The stock had a trading volume of 3,276,251 shares. Hertz Global Holdings has a 52 week low of $12.97 and a 52 week high of $27.75. The stock has a 50-day moving average of $24.71 and a 200-day moving average of $24.7. The company has a market cap of $8.677 billion and a P/E ratio of 28.35.
Hertz Global Holdings (NYSE:HTZ) last released its earnings data on Monday, July 29th. The company reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. On average, analysts predict that Hertz Global Holdings will post $1.74 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks downgraded shares of Hertz Global Holdings from a “neutral” rating to an “underperform” rating in a research note to investors on Tuesday, October 1st. They now have a $21.10 price target on the stock. Separately, analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Hertz Global Holdings in a research note to investors on Thursday, September 26th. They now have a $31.00 price target on the stock. Finally, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Hertz Global Holdings in a research note to investors on Tuesday, July 30th. They now have a $33.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $27.59.
Hertz Global Holdings, Inc (NYSE:HTZ) is a holding company.
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