- BofA analyst John Murphy upgraded Avis Budget Group Inc. CAR to Buy from Neutral and raised the price target to $125 (implying an upside of 26%), up from $90.
- Murphy believes 'over-earning' to continue for the company.
- He states that many of the company's macro factors driving "over-earning" in 2021 - including limited incoming vehicle supply, elevated revenue per day from the ongoing supply/demand imbalance, and moderated per-unit fleet cost - will likely persist well into 2022.
- Price Action: CAR shares are trading higher by 11.1% at $99.96 on the last check on Thursday.
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