Hertz Global (NYSE:HTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has a $19.00 target price on the transportation company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 7.62% from the company’s previous close.
According to Zacks, “Shares of Hertz Global have outperfomed the industry it belongs to on a year-to-date basis. The company is being aided by strong performance of the U.S. Rental Car segment. Revenues at the division grew 8.1% in 2018. Efficient fleet management is driving growth at this key unit. The company’s first-quarter 2019 results, scheduled to be released on May 6, are also likely to benefit from this tailwind. The company's measures to revive its fortunes through the turnaround plan are also encouraging. Evidently, the company's turnaround plan helped generate 8% revenue growth in 2018. The momentum is anticipated to continue into 2019. However, the company's heavy investments on its turnaround plans seem to partly affect the bottom line. Moreover, pricing pressure remains a major headwind due to low used car prices.”
A number of other brokerages have also commented on HTZ. Northcoast Research raised Hertz Global from a “neutral” rating to a “buy” rating in a research report on Monday, March 4th. Deutsche Bank boosted their target price on Hertz Global from $18.00 to $21.00 and gave the stock a “hold” rating in a research note on Wednesday, February 27th. ValuEngine upgraded Hertz Global from a “hold” rating to a “buy” rating in a research note on Tuesday, March 5th. Barclays upgraded Hertz Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $14.00 to $18.00 in a research note on Friday, March 1st. Finally, TheStreet downgraded Hertz Global from a “c” rating to a “d+” rating in a research note on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $18.00.
Hertz Global (NYSE:HTZ) last issued its earnings results on Monday, February 25th. The transportation company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.27. Hertz Global had a negative return on equity of 1.14% and a negative net margin of 2.37%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same period in the previous year, the company posted ($0.77) EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. On average, sell-side analysts expect that Hertz Global will post 0.64 EPS for the current year.
In related news, major shareholder Carl C. Icahn sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $19.45, for a total value of $97,250,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Bronfman E.L. Rothschild L.P. raised its holdings in Hertz Global by 177.8% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 2,278 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 1,458 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in Hertz Global during the 4th quarter valued at $38,000. Nisa Investment Advisors LLC raised its holdings in Hertz Global by 3,114.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 9,805 shares of the transportation company’s stock valued at $134,000 after acquiring an additional 9,500 shares during the period. Edge Capital Group LLC bought a new stake in Hertz Global during the 4th quarter valued at $138,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hertz Global by 121.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,626 shares of the transportation company’s stock valued at $159,000 after acquiring an additional 6,367 shares during the period.
About Hertz Global
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc, operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 9,700 corporate and franchisee locations throughout North America, Europe, The Caribbean, Latin America, Africa, the Middle East, Asia, Australia, and New Zealand.
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