UPDATE: Morgan Stanley Reiterates On Hertz Global Holdings, Inc. Following Criticism Of CEO

In a report published Friday, Morgan Stanley analyst Adam Jonas reiterated an Underweight rating on

, but removed the $19.00 price target. In the report, Morgan Stanley noted, “A chorus of activist sentiment has been rising in criticism of HTZ management in the wake of delayed financial reporting, a forensic accounting audit and lowered FY guidance. Our discussions with investors suggest that HTZ´s CEO Mark Frissora is seen as acting in too disruptive a manner in what should be a disciplined, friendly oligopoly. The prevailing assumption seems to be that the car rental business is no longer anywhere near as competitive as it once was, that there are no serious threats to the oligopoly and that the 3 big players can ‘behave' on price in an effort to maximize returns to shareholders, funded by higher car rental rates paid by the leisure and corporate traveling public.” Hertz Global Holdings closed on Thursday at $28.23.