Morgan Stanley Wonders if Execution Can Improve for Hertz Global

In a report published Thursday, Morgan Stanley analyst Adam Jonas reiterated an Underweight rating and $20.00 price target on Hertz Global HTZ. In the report, Morgan Stanley noted, “2013 was a difficult execution year, particularly on the fleet side. HTZ entered the year with high expectations on the back of its DTG acquisition, with investors hoping that a consolidated industry could achieve better pricing while maintaining improvements in its cost structure. In 2014, we see a similar dynamic among investors – hope that a messy 2013 can give way to better execution and better pricing.” Hertz Global closed on Wednesday at $25.77.