Avis Budget price target lowered to $120 from $140 at BofA

BofA lowered the firm’s price target on Avis Budget (CAR) to $120 from $140 and keeps a Buy rating on the shares. The firm “modestly” reduced its 2025 adjusted EBITDA forecast, primarily reflecting guidance for higher depreciation per unit in Q1 and Q2, the analyst tells investors. However, the firm thinks the stock is trading at “an attractive valuation” and that the company should see an earnings recovery in 2025.