Hertz Gets Downgraded, JPMorgan Warns Of Bumpy Road Ahead For Car Renter
Hertz Global Holdings Inc (NASDAQ:HTZ) is hurting.
What Happened: JPMorgan Chase analysts have officially thrown the car rental service into the Underweight category.
“We believe rental car companies have structurally increased their earnings power on price discovery and Hertz has before it a number of company-specific opportunities to grow earnings, including new partnerships,” the analysts wrote in a Monday report.
Among the companies Hertz has partnered with are American Express, Tripadvisor, Uber, and Carvana.
But the analysts “likely overestimated” the degree of company-specific structural drivers of higher earnings. Now, they’re scrapping the $5 price target for December 2024 altogether, citing a decline …
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