Avis Budget Group, Inc. (CAR) Stock Rating Upgraded by Zacks Investment Research

Avis Budget Group, Inc. (NASDAQ:CAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $46.00 price target on the business services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.81% from the stock’s current price.

According to Zacks, “Avis Budget is aggressively increasing its presence in existing markets, while foraying in new markets like Iceland and Costa Rica. At the same time, the company is focusing on expanding its Budget brand, taking its multi-brand strategy to the next level. Anticipating strong travel trends for both leisure and commercial travelers and projecting sustained expansion of these trends, we believe that Avis Budget’s various acquisitions and collaborations will enhance its operational foothold in global markets. Moreover, sustained productivity growth, implementation of pricing initiatives and potential revenue-generating synergies from acquisitions bode well for the future. However, volatility in market demand, foreign currency risks and dependence on third-parties remain additional headwinds, leading to a tempered guidance. The company also underperformed the industry year to date.”

CAR has been the subject of several other reports. Morgan Stanley reduced their target price on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating for the company in a report on Friday, August 25th. Deutsche Bank AG restated a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Credit Suisse Group restated a “hold” rating on shares of Avis Budget Group in a report on Thursday, September 14th. Finally, MKM Partners restated a “buy” rating and issued a $40.00 target price on shares of Avis Budget Group in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $38.20.

Shares of Avis Budget Group (NASDAQ CAR) opened at 41.14 on Wednesday. The firm has a market cap of $3.40 billion, a P/E ratio of 48.46 and a beta of 2.48. Avis Budget Group has a 12 month low of $20.71 and a 12 month high of $41.73. The firm has a 50-day moving average of $38.31 and a 200 day moving average of $30.74.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.32). Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. On average, equities research analysts anticipate that Avis Budget Group will post $2.61 EPS for the current fiscal year.

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In other news, Director John D. Jr. Hardy sold 908 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $32.78, for a total transaction of $29,764.24. Following the completion of the transaction, the director now directly owns 908 shares in the company, valued at $29,764.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ronald L. Nelson sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $41.02, for a total value of $10,255,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 435,708 shares of company stock valued at $17,133,212. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Karp Capital Management Corp bought a new stake in shares of Avis Budget Group during the first quarter valued at approximately $531,000. Ameriprise Financial Inc. increased its position in shares of Avis Budget Group by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 236,174 shares of the business services provider’s stock valued at $6,986,000 after purchasing an additional 2,294 shares during the period. JPMorgan Chase & Co. increased its position in shares of Avis Budget Group by 997.5% during the first quarter. JPMorgan Chase & Co. now owns 113,684 shares of the business services provider’s stock valued at $3,362,000 after purchasing an additional 103,326 shares during the period. OppenheimerFunds Inc. increased its position in shares of Avis Budget Group by 32.2% during the first quarter. OppenheimerFunds Inc. now owns 63,185 shares of the business services provider’s stock valued at $1,869,000 after purchasing an additional 15,408 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Avis Budget Group by 0.5% during the first quarter. Principal Financial Group Inc. now owns 336,979 shares of the business services provider’s stock valued at $9,968,000 after purchasing an additional 1,643 shares during the period.

About Avis Budget Group

According to Zacks, “Avis Budget is aggressively increasing its presence in existing markets, while foraying in new markets like Iceland and Costa Rica. At the same time, the company is focusing on expanding its Budget brand, taking its multi-brand strategy to the next level. Anticipating strong travel trends for both leisure and commercial travelers and projecting sustained expansion of these trends, we believe that Avis Budget’s various acquisitions and collaborations will enhance its operational foothold in global markets. Moreover, sustained productivity growth, implementation of pricing initiatives and potential revenue-generating synergies from acquisitions bode well for the future. However, volatility in market demand, foreign currency risks and dependence on third-parties remain additional headwinds, leading to a tempered guidance. The company also underperformed the industry year to date.”

CAR has been the subject of several other reports. Morgan Stanley reduced their target price on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating for the company in a report on Friday, August 25th. Deutsche Bank AG restated a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Credit Suisse Group restated a “hold” rating on shares of Avis Budget Group in a report on Thursday, September 14th. Finally, MKM Partners restated a “buy” rating and issued a $40.00 target price on shares of Avis Budget Group in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $38.20.

Shares of Avis Budget Group (NASDAQ CAR) opened at 41.14 on Wednesday. The firm has a market cap of $3.40 billion, a P/E ratio of 48.46 and a beta of 2.48. Avis Budget Group has a 12 month low of $20.71 and a 12 month high of $41.73. The firm has a 50-day moving average of $38.31 and a 200 day moving average of $30.74.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.32). Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. On average, equities research analysts anticipate that Avis Budget Group will post $2.61 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “Avis Budget Group, Inc. (CAR) Stock Rating Upgraded by Zacks Investment Research” was originally posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece of content on another domain, it was illegally stolen and reposted in violation of international copyright & trademark law. The original version of this piece of content can be accessed at https://ledgergazette.com/2017/10/20/avis-budget-group-inc-car-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, Director John D. Jr. Hardy sold 908 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $32.78, for a total transaction of $29,764.24. Following the completion of the transaction, the director now directly owns 908 shares in the company, valued at $29,764.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ronald L. Nelson sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $41.02, for a total value of $10,255,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 435,708 shares of company stock valued at $17,133,212. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Karp Capital Management Corp bought a new stake in shares of Avis Budget Group during the first quarter valued at approximately $531,000. Ameriprise Financial Inc. increased its position in shares of Avis Budget Group by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 236,174 shares of the business services provider’s stock valued at $6,986,000 after purchasing an additional 2,294 shares during the period. JPMorgan Chase & Co. increased its position in shares of Avis Budget Group by 997.5% during the first quarter. JPMorgan Chase & Co. now owns 113,684 shares of the business services provider’s stock valued at $3,362,000 after purchasing an additional 103,326 shares during the period. OppenheimerFunds Inc. increased its position in shares of Avis Budget Group by 32.2% during the first quarter. OppenheimerFunds Inc. now owns 63,185 shares of the business services provider’s stock valued at $1,869,000 after purchasing an additional 15,408 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Avis Budget Group by 0.5% during the first quarter. Principal Financial Group Inc. now owns 336,979 shares of the business services provider’s stock valued at $9,968,000 after purchasing an additional 1,643 shares during the period.

About Avis Budget Group

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.

Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

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