Avis Budget Group Receives Neutral Rating from Zacks (CAR)
Avis Budget Group (NYSE:CAR)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Thursday, American Banking News.com reports. They currently have a $42.00 price target on the stock. Zacks‘ target price would indicate a potential upside of 5.00% from the stock’s previous close.
Zacks‘ analyst wrote, “Avis Budget posted strong financial results for fourth-quarter and fiscal 2013 on the back of synergies realized from its long-term strategic plans. Results for both periods benefited from strong volume growth and pricing that stemmed from continued investments in the company’s highly profitable customer segments and channels. Top and bottom line performances were also aided by strong contributions from recent acquisitions. Moreover, we remain encouraged with the company’s impressive 2014 outlook that projects top and bottom lines growth coupled with lower costs. However, the company remains prone to risks related to operating in overseas locations and high dependence on third-party distribution channels. Therefore, we retain our long-term Neutral recommendation on the stock.”
CAR has been the subject of a number of other recent research reports. Analysts at Barclays raised their price target on shares of Avis Budget Group from $32.00 to $40.00 in a research note on Friday, February 14th. They now have an “equal weight” rating on the stock. Separately, analysts at MKM Partners raised their price target on shares of Avis Budget Group from $39.00 to $55.00 in a research note on Thursday, January 16th. They now have a “buy” rating on the stock. Finally, analysts at Deutsche Bank initiated coverage on shares of Avis Budget Group in a research note on Wednesday, December 11th. They set a “hold” rating and a $42.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $38.83.
Shares of Avis Budget Group (NYSE:CAR) traded up 8.10% on Thursday, hitting $43.24. 3,997,804 shares of the company’s stock traded hands. Avis Budget Group has a 52 week low of $22.07 and a 52 week high of $42.48. The stock’s 50-day moving average is $39.36 and its 200-day moving average is $33.51. The company’s market cap is $4.636 billion.
Avis Budget Group (NYSE:CAR) last announced its earnings results on Wednesday, February 19th. The company reported $0.15 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.12 by $0.03. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.84 billion. Analysts expect that Avis Budget Group will post $2.72 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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