Sunbelt Rentals initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of the U.S. listing of Sunbelt Rentals (SUNB) with a Neutral rating and $83 price target While the company delivered strong growth over FY21-FY24, it has seen a slowdown in recent years due to weakness in local commercial construction, which the firm believes reflects macro uncertainty and a higher interest rate environment, the analyst tells investors in a research note. The firm added that it would need to see an acceleration in top line and EPS trends before turning positive on the stock.