Bernstein analyst Chad Dillard upgraded United Rentals (URI) to Outperform from Market Perform with a price target of $1,128, up from $885, implying 20% upside from current levels. The firm views United as cyclical rebound and portfolio transition story. U.S. non-residential construction spend is set to reaccelerate and United Rentals is a “big beneficiary,” the analyst tells investors in a research note. Bernstein believes the company is becoming less capital intensive and should trade at a higher multiple.
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