- KeyBanc lowered the price target for Herc Holdings Inc HRI to $155 (an upside of 48%) from $200 while maintaining the Overweight rating on the shares.
- While investors have become more cautious about the equipment rental industry dynamics due to rising cycle concerns and the potential impact on industrial and nonresidential construction demand in 2023, keyBanc believes HRI's multiple excessively punished for a fundamentally improved business compared to previous downturns.
- Given Herc's improved leverage and margin profile, KeyBanc analysts believe the risk of HRI revisiting recent multiple lows is limited.
- KeyBanc stated that it reduced its price target to account for recent volatility and macro uncertainty, adding risk/reward as compelling at current levels.
- Price Action: HRI shares are trading lower by 6.90% at $104.66 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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