Morgan Stanley initiates its coverage on United Rentals URI with a rating of Overweight and a $46 price target.
Morgan Stanley comments, "RSC acquisition dovetails with favorable secular trends. The disappearance of weaker players during the downturn and the RSC merger itself have improved the competitive landscape, and pricing power is strong. Stringent emissions rules increase new equipment costs up to 10% and thereby the appeal of renting, and tax incentives for buying are going away. Our channel checks suggest that the Great Recession underscored the advantages of renting, a secular shift enhanced by
uncertainty over the US presidential election."
URI closed at $30.18 on Monday.
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