UPDATE: Morgan Stanley Initiates Overweight, $17 PT on Hertz on Outlook

Morgan Stanley initiates its coverage on Hertz

with an Overweight rating and a price target of $17 on shares. Morgan Stanley comments, "HTZ benefits from positive trends in used prices, financing environment and new growth opportunities. DTG acquisition holding pattern offers a good buying opportunity for this rental industry benchmark. We believe earnings upgrades and synergies will ultimately justify the full multiple." HTZ closed at $13.08 on Monday.