Avis Budget downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Ryan Brinkman downgraded Avis Budget (CAR) to Neutral from Overweight with an unchanged price target of $155. The firm cites valuation for the downgrade with the shares up 231% since the original auto tariff announcement on March 26. Recalls, which currently affect 4% of Avis Budget’s Americas fleet, are placing upward pressure on depreciation and downward pressure on pricing, prompting a near-term reduction in earnings estimates, the analyst tells investors in a research note.