Hertz may have better liquidity later in year after ATM issuance, says Barclays

Barclays analyst Dan Levy reiterated an Underweight rating and $3 price target on Hertz (HTZ), saying the U.S. Bankruptcy Court’s order on Monday likely assures the potential $328M make-whole payment will not be due until October at the earliest. The firm added, on the positive side, that Hertz may have better liquidity later in the year following the $250M at-the-market issuance and seasonally stronger second-half free cash flow. The news follows positive headlines on residuals and depreciation opportunity, the analyst tells investors in a research note.