UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on Hertz Global Holdings on Falling Estimates

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

, but lowered the price target from $19.00 to $16.00. In the report, Morgan Stanley noted, “Following the latest profits warning and guidance for the year, we are marking to market our earnings assumptions downward with a knock-on impact of our LBO valuation. The shares offer nearly 30% downside to our revised target.” Hertz Global Holdings closed on Monday at $22.27.