Sunbelt Rentals initiated with a Neutral at JPMorgan

JPMorgan initiated coverage of Sunbelt Rentals (SUNB) with a Neutral rating and $78 price target Key to the shares outperforming is a recovery in local construction activity, and JPMorgan does not see this occurring in the coming quarters, the analyst tells investors in a research note. The firm does not see Sunbelt’s U.S. listing and associated index inclusions as a catalyst for a significant re-rating of the shares.