Zacks Reiterates Outperform Rating for Avis Budget Group (CAR)
Avis Budget Group (NYSE:CAR)‘s stock had its “outperform” rating reiterated by Zacks in a note issued to investors on Friday. They currently have a $75.00 price target on the stock. Zacks‘s price objective would indicate a potential upside of 9.68% from the company’s current price.
Zacks’ analyst wrote, “We maintain our Outperform recommendation on Avis Budget as the company posted better-than-expected results for the third consecutive quarter. The company’s second-quarter 2014 results mainly benefited from strong volume growth and improved pricing for both leisure and commercial travels in North America. The rebound in leisure and business travels was owing to a recovery in the U.S. economy and increased spending by individuals as well as from integration of Zipcar and Payless Car Rental businesses. Moreover, we remain encouraged by the company’s upbeat outlook for 2014. Additionally, we believe that the company’s prudent investment toward technological advancements will lead to an increase in its customer base and profitability.”
Several other analysts have also recently commented on the stock. Analysts at Morgan Stanley raised their price target on shares of Avis Budget Group from $28.00 to $30.00 in a research note on Friday, August 8th. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Avis Budget Group in a research note on Wednesday, August 6th. They now have a $60.00 price target on the stock, up previously from $58.00. Finally, analysts at MKM Partners raised their price target on shares of Avis Budget Group from $75.00 to $80.00 in a research note on Wednesday, August 6th. They now have a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $57.43.
Avis Budget Group (NYSE:CAR) traded up 0.97% on Friday, hitting $69.04. 854,727 shares of the company’s stock traded hands. Avis Budget Group has a 1-year low of $26.57 and a 1-year high of $69.76. The stock’s 50-day moving average is $61.40 and its 200-day moving average is $53.63. The company has a market cap of $7.183 billion and a P/E ratio of 63.37.
Avis Budget Group (NYSE:CAR) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.68 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.06) by $0.74. The company had revenue of $2.20 million for the quarter, compared to the consensus estimate of $40.75 million. During the same quarter last year, the company posted $0.50 earnings per share. Avis Budget Group’s revenue was up 9.6% compared to the same quarter last year. On average, analysts predict that Avis Budget Group will post $2.97 earnings per share for the current fiscal year.
In other Avis Budget Group news, Insider Patric Siniscalchi sold 20,731 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $69.51, for a total transaction of $1,441,011.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Avis Budget Group, Inc (NYSE:CAR) operates two brands in the global vehicle rental industry through Avis and Budget.
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