As previously reported, BofA downgraded Avis Budget (CAR) to Underperform from Buy with a price target of $113, down from $120. The stock significantly outperformed the market in June, but fundamentals and the macro environment don’t support the current stock price, the analyst tells investors. Pricing and demand pressures facing the rental car industry in the U.S. negatively affects Avis’ earnings power, the analyst contends.
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