Zacks Investment Research upgraded shares of Avis Budget Group (NASDAQ:CAR) from a hold rating to a strong-buy rating in a report released on Monday morning. They currently have $57.00 price objective on the business services provider’s stock.
According to Zacks, “We appreciate Avis Budget’s focus on expanding its global presence by increasing the number of company-operated locations in fast-growing markets. The company also invests in other growing markets where car rental demand is on the rise. It remains focused on fortifying its fleet with latest car models to attract customers. We believe the company's fundamental drivers such as sustained productivity growth, implementation of pricing initiatives and potential revenue-generating synergies from various acquisitions are likely to enhance its future prospects. In the past year, the stock outperformed the industry it belongs to. However, Avis Budget continues to face hurdles like high fleet costs, unfavorable currency headwinds and intense competition from rival players in the vehicle rental industry.”
Several other equities analysts have also commented on the stock. Northcoast Research lowered shares of Avis Budget Group from a buy rating to a neutral rating and set a $49.00 target price on the stock. in a report on Wednesday, April 11th. They noted that the move was a valuation call. ValuEngine raised shares of Avis Budget Group from a buy rating to a strong-buy rating in a report on Tuesday, April 3rd. BidaskClub raised shares of Avis Budget Group from a buy rating to a strong-buy rating in a report on Friday, March 16th. Deutsche Bank raised their target price on shares of Avis Budget Group from $48.00 to $51.00 and gave the company a buy rating in a report on Friday, February 23rd. Finally, Goldman Sachs lowered shares of Avis Budget Group from a neutral rating to a sell rating and decreased their target price for the company from $40.12 to $33.00 in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $39.64.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.25. Avis Budget Group had a net margin of 4.08% and a return on equity of 76.64%. The business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same quarter in the previous year, the company earned $0.15 EPS. The business’s revenue was up 7.5% on a year-over-year basis. equities research analysts expect that Avis Budget Group will post 3.29 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Avis Budget Group during the 4th quarter valued at approximately $171,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Avis Budget Group by 1,413.3% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,540 shares of the business services provider’s stock valued at $172,000 after purchasing an additional 4,240 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Avis Budget Group by 43.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,117 shares of the business services provider’s stock valued at $181,000 after purchasing an additional 1,242 shares during the last quarter. Delpha Capital Management LLC bought a new stake in shares of Avis Budget Group during the 4th quarter valued at approximately $181,000. Finally, V Wealth Management LLC bought a new stake in shares of Avis Budget Group during the 4th quarter valued at approximately $227,000.
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Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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