Bank of America Initiates Coverage on Avis Budget Group (NASDAQ:CAR)

Stock analysts at Bank of America started coverage on shares of Avis Budget Group (NASDAQ:CARGet Free Report) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $170.00 price target on the business services provider’s stock. Bank of America‘s target price suggests a potential upside of 57.23% from the stock’s current price.

Several other equities analysts have also recently issued reports on CAR. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Susquehanna dropped their price objective on shares of Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. The Goldman Sachs Group initiated coverage on shares of Avis Budget Group in a research report on Thursday, December 7th. They set a “sell” rating and a $164.00 target price on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and boosted their target price for the stock from $234.00 to $248.00 in a research report on Thursday, January 25th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Avis Budget Group presently has an average rating of “Hold” and a consensus target price of $192.83.

Get Our Latest Report on Avis Budget Group

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $108.12 on Tuesday. The firm’s fifty day simple moving average is $138.02 and its 200-day simple moving average is $168.03. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 2.54 and a beta of 2.21. Avis Budget Group has a 12 month low of $99.60 and a 12 month high of $244.95.

Avis Budget Group (NASDAQ:CARGet Free Report) last announced its earnings results on Tuesday, February 13th. The business services provider reported $7.10 EPS for the quarter, beating analysts’ consensus estimates of $4.15 by $2.95. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The company’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company posted $10.46 EPS. Analysts anticipate that Avis Budget Group will post 16.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Avis Budget Group by 1.0% in the 1st quarter. BlackRock Inc. now owns 2,363,042 shares of the business services provider’s stock valued at $460,321,000 after purchasing an additional 22,518 shares in the last quarter. Nomura Holdings Inc. increased its stake in shares of Avis Budget Group by 70.4% during the 1st quarter. Nomura Holdings Inc. now owns 1,534,724 shares of the business services provider’s stock valued at $298,964,000 after acquiring an additional 634,040 shares during the last quarter. State Street Corp increased its stake in shares of Avis Budget Group by 1.2% during the 1st quarter. State Street Corp now owns 1,458,488 shares of the business services provider’s stock valued at $384,020,000 after acquiring an additional 16,655 shares during the last quarter. Par Capital Management Inc. increased its stake in shares of Avis Budget Group by 16.1% during the 4th quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock valued at $150,486,000 after acquiring an additional 117,600 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Avis Budget Group by 0.6% during the 1st quarter. Northern Trust Corp now owns 622,685 shares of the business services provider’s stock valued at $163,952,000 after acquiring an additional 3,626 shares during the last quarter. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

About Avis Budget Group

(Get Free Report)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.

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