Hertz: Jefferies downgrades stock

(CercleFinance.com) - The broker has downgraded the Hertz stock from buy to hold with a target price of $8.


"We expect EV repair issues, higher opex and depreciation expense headwinds will limit NT profitability", it says.

"We believe the consensus 2024 EBITDA forecast of $815M will prove to be overly optimistic".

"Given the remediation of these issues are neither simple nor quick, we don't have a ton of conviction in even our reduced 2024 EBTIDA estimate, limiting near-term upside".


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