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Hertz Started With Outperform at Oppenheimer

Investing.com
·1-min read

By Sam Boughedda

Investing.com — Oppenheimer analyst Ian Zaffino initiated coverage on Hertz Global Holdings (OTC:HTZGQ) Inc (NASDAQ:HTZ) with an outperform rating and a $31 price target Wednesday.

The analyst was quoted by StreetInsider as saying Hertz's "bankruptcy is in the rearview mirror."

Following the rating, Hertz shares have moved 2.22% higher in after-hours trading after closing Wednesday's session at $24.43.

"With a meaningfully improved cost structure, an under-levered balance sheet and newfound competitive discipline, we believe Hertz is an interesting post-bankruptcy equity," said Zaffino.

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The analyst cited three reasons for the rating. These include the potential to approximately double its pre-Covid earnings before interest, taxes, depreciation and amortization margins, forward-looking management, and its $2 billion share buyback program.

"Management has been very forward-looking, and we point to recently signed agreements with Tesla (NASDAQ:TSLA), Carvana, and Uber (NYSE:UBER)."

"We believe our target can be achieved, as Hertz remains rational, enjoys its structurally higher margins, and repurchases stock and as demand returns," concluded the Oppenheimer analyst.

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