UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT for United Rentals

In a company update published earlier today, Oppenheimer Holdings reiterated its Outperform rating for United Rentals, Inc. (NYSE: URI) and raised its price target from $53.00 to $55.00.Oppenheimer said in its report “Ahead of attending our Industrials Conference on 5/16/12, URI will host an RSC Holdings acquisition ‘Integration Update' at 8am ET on 5/14/12. With business conditions/results strong for both companies as of their recent 1Q12 earnings releases, we anticipate upbeat commentary from management on the NewCo's (as of 4/30/12 deal close) business progress, as well as its integration initiatives. We anticipate an increase to its original pro forma cost savings guidance of $200M. However, having already increased first year savings from $133M to $147M three weeks ago, we anticipate incremental savings more impacting 2013. Remaining bullish on the URI story, we're increasing our target from $53 to $55, which represents 6.3x our PF2012E EBITDA of $1.97B.”United Rentals, Inc. closed yesterday at $43.10.