Morgan Stanley initiates its coverage on Hertz HTZ with an Overweight rating and a price target of $17 on shares.
Morgan Stanley comments, "HTZ benefits from positive trends in used prices, financing environment and new growth opportunities. DTG acquisition holding pattern offers a good buying opportunity for this rental industry benchmark. We believe earnings upgrades and synergies will ultimately justify the full multiple."
HTZ closed at $13.08 on Monday.
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