Northcoast analyst John Healy feels the broader backdrop of trends is “tough” based on the firm’s channel work on rental car industry dynamics. The firm would describe U.S. rate dynamics in June as “softer compared to a year ago” and year-over-year rate levels declines of nearly 9.5% worsened sequentially from mid-single digit declines in May, the analyst tells investors in a note on Hertz (HTZ) and Avis Budget (CAR). Based on its channel work and industry data points, the firm is refreshing its EBITDA expectations for Q2 and the remainder of the year for both rental car names.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HTZ:
- Hertz Global Holdings call volume above normal and directionally bullish
- Hertz may have better liquidity later in year after ATM issuance, says Barclays
- New ETF Will Track Bill Ackman’s Investments
- Moderately bullish activity in Hertz Global Holdings with shares down 2.55%
- Hertz Global Elects Directors at Annual Meeting