Jefferies downgrades Avis to Hold on ‘technical overhangs’

Jefferies downgraded Avis Budget (CAR) to Hold from Buy with a price target of $160, up from $112. The firm says the company’s “technical overhangs” outweigh its “healthy” fundamentals. Avis is seeing outsized volatility and increased selling pressure tied to large shareholder activity and elevated short interest, the analyst tells investors in a research note. Jefferies citing the company’s ongoing technical pressure and a valuation it views as “disconnected from near-term fundamentals” for the downgrade.