Skip to main content

Market Overview

UPDATE: Bank of America Maintains United Rentals at Buy After Stellar Results From Peer Ashtead

Share:

In a report published Tuesday, Bank of America reiterated its Buy rating on shares of United Rentals (NYSE: URI) and maintained its $66 price target.

Bank of America reported that, “We view Ashtead's positive results as a positive read-across for Buy-rated United Rentals (URI, $52.05, C-1-9), as well as (to a lesser extent) Neutral-rated aerial work platform OEM Terex (TEX, $31.93, C-2-9). Ashtead's Sunbelt chain is United Rentals' biggest competitor in the US, and a likely customer of Terex. Ashtead (covered by our UK colleague Andy Murphy) posted a 45% YoY increase in fiscal third quarter EBITDA (ended January 31, 2013), to £121mn, 10% above the BofA forecast. Sunbelt's rental revenue grew 27% during the quarter (driven by fleet on rent +14%, with 11% higher yield) and diluted EPS rose 164% YoY, to 6.7p. Hurricane Sandy contributed about 500bp of the growth, although Ashtead does not expect this benefit to repeat in the fiscal fourth quarter ended April."

Shares of United Rental closed at $52.05 on Monday.

Latest Ratings for URI

DateFirmActionFromTo
May 2021Argus ResearchMaintainsBuy
Apr 2021Morgan StanleyMaintainsUnderweight
Apr 2021KeybancMaintainsOverweight

View More Analyst Ratings for URI
View the Latest Analyst Ratings

 

Related Articles (URI)

View Comments and Join the Discussion!

Posted-In: Bank of AmericaAnalyst Color Reiteration Analyst Ratings

Latest Ratings

StockFirmActionPT
FIBKStephens & Co.Downgrades
LEAFCanaccord GenuityDowngrades8.5
AGMSidoti & Co.Downgrades115.0
KEXGabelli & Co.Downgrades
OCGNCantor FitzgeraldDowngrades11.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com