UPDATE: Oppenheimer Downgrades Zipcar from Outperform to Perform

Oppenheimer downgraded Zipcar (NASDAQ: ZIP) from an Outperform rating to a Perform rating and lowered its price target from $24 to $8.Oppenheimer wrote, “Following disappointing 2Q results and guidance, we downgrade ZIP shares to Perform and reduce our price target to $8 from $24. We think ZIP needs to overhaul its marketing department to focus on member growth and drive existing member usage, both likely to take several quarters. Additionally, the UK continues to face economic headwinds. While investors are likely to blame competition, management acknowledged mistakes with 2Q marketing efforts.”Zipcar closed at $10.63 on Thursday.