Hertz, Avis rally after Deutsche Bank boosts price targets

Shares of Hertz (HTZ) and Avis Budget (CAR) are moving higher after Deutsche Bank upped the firm’s price target on both names. Deutsche took up its target on Buy-rated Avis to $196 from $130 and on Hold-rated Hertz to $5.25 from $4.00. The firm attributes the recent rally in car rental stocks to a “host of reasons,” including high short interest and Pershing Square disclosing a sizable position in Hertz on April 16. The higher investor optimism could also be related to the potentially meaningful roles of the space in the emerging robo taxi ecosystem, the analyst tells investors in a research note. Shares of Hertz are up 15% to $8.19 in morning trading while Avis is up 6% to $188.93.