J P Morgan Chase & Co Initiates Coverage on Avis Budget Group, Inc. (CAR)
Equities researchers at J P Morgan Chase & Co assumed coverage on shares of Avis Budget Group, Inc. (NASDAQ:CAR) in a research note issued to investors on Friday. The brokerage set an “overweight” rating and a $39.00 price target on the business services provider’s stock. J P Morgan Chase & Co’s price target would suggest a potential upside of 21.08% from the stock’s previous close.
A number of other research firms also recently issued reports on CAR. Zacks Investment Research downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Morgan Stanley lowered their target price on shares of Avis Budget Group from $23.00 to $19.00 and set an “underweight” rating for the company in a report on Monday, May 8th. Credit Suisse Group lowered their target price on shares of Avis Budget Group from $38.00 to $27.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Finally, ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Avis Budget Group currently has an average rating of “Hold” and a consensus target price of $36.40.
Shares of Avis Budget Group (CAR) opened at 32.21 on Friday. The stock’s 50 day moving average is $28.18 and its 200-day moving average is $29.89. Avis Budget Group has a 1-year low of $20.71 and a 1-year high of $41.53. The stock has a market cap of $2.71 billion, a PE ratio of 27.25 and a beta of 2.49.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Wednesday, May 3rd. The business services provider reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by $0.43. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Avis Budget Group had a return on equity of 74.55% and a net margin of 1.24%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.28) earnings per share. On average, analysts predict that Avis Budget Group will post $2.84 EPS for the current fiscal year.
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In related news, Director John D. Jr. Hardy sold 992 shares of the company’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $27.20, for a total value of $26,982.40. Following the sale, the director now directly owns 992 shares of the company’s stock, valued at $26,982.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. FNY Managed Accounts LLC acquired a new stake in Avis Budget Group during the first quarter valued at $102,000. James Investment Research Inc. acquired a new stake in Avis Budget Group during the first quarter valued at $113,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Avis Budget Group during the second quarter valued at $191,000. World Asset Management Inc raised its stake in Avis Budget Group by 8.9% in the first quarter. World Asset Management Inc now owns 7,474 shares of the business services provider’s stock valued at $221,000 after buying an additional 610 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in Avis Budget Group by 27.6% in the first quarter. LS Investment Advisors LLC now owns 7,857 shares of the business services provider’s stock valued at $232,000 after buying an additional 1,699 shares during the last quarter.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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