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.
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