UPDATE: Goldman Sachs Reinstates Coverage on Hertz Global Holdings with Buy Rating, $19 PT
In a report published Wednesday, Goldman Sachs Group reinstated coverage on Hertz Global Holdings (NYSE: HTZ) with a Buy rating and $19.00 price target.
Goldman Sachs noted, “We have removed the Not Rated designation from HTZ and added the shares to the Americas Buy List with a 12-month price target of $19, implying 21% upside. We were previously Not Rated on HTZ due to its planned acquisition of DTG. We now believe the Hertz story has several positive idiosyncratic aspects, coupled with the potential for benefits that come from a more consolidated industry that should lead to 2013 outperformance. We expect consensus estimates to move up and the multiple to re-rate higher, which accordingly should drive the shares higher. We identify three key catalysts for our positive outlook on Hertz in 2013.”
Hertz Global Holdings closed on Tuesday at $15.70.
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