Avis Budget Group pops after Barclays moves off bearish position

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Barclays upgraded Avis Budget Group (CAR + 5.5%) to an Equal Weight rating after having the car rental stock slotted at Underweight.

The ratings move by the firm is part of it becoming incrementally more positive on the rental car industry as a whole.

“While we still believe there’s room for HTZ to close the valuation gap with CAR, we’re now incrementally constructive on the rental car space in an inflationary environment,” updated analyst Brian Johnson.

Barclays set a price target of $ 245, which implies 18% downside from the current share price, but is still far ahead of the average analyst PT of $ 214.67.

Looking ahead, Avis Budget (NASDAQ: CAR) is lined up to report earnings on May 2. Consensus marks are for revenue of $ 2.13B and EPS of $ 3.05 to be reported.

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