UBS upgraded United Rentals (URI) to Neutral from Sell with a price target of $780, up from $485. The firm cites the better than expected progress and outcomes of trade discussions with China and legislative discussions for the upgrade. While UBS now thinks the recent actions by the U.S. and foreign counterparts are “driving towards the contained downside scenario,” the firm still thinks lingering uncertainty will be “somewhat of a drag on demand,” the analyst tells investors in a research note.
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