UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on Hertz Global Holdings on Negative Outlook

In a report published Thursday, Morgan Stanley analyst Adam Jonas reiterated an Underweight rating on Hertz Global Holdings HTZ, but lowered the price target from $20.00 to $19.00. In the report, Morgan Stanley noted, “We are marking to market our earnings forecast to account for HTZ's updated '14 guidance--now expected to be well below its previous guide. Accounting issues aside, we see far greater issues pressuring cons forecasts. Our '15 and '16 ests. remain 10% below cons and we trim our price target to $19.” Hertz Global Holdings closed on Wednesday at $30.74.