UPDATE: Goldman Sachs Reiterates on Hertz Global Following Better-Than-Expected 3Q Numbers

In a report published Wednesday, Goldman Sachs analyst Afua Ahwoi reiterated a Buy rating on

, but lowered the price target from $30.00 to $27.50. In the report, Goldman Sachs noted, “Hertz reported better than expected 3Q numbers. However, the shares underperformed the broader market on Tuesday, November 5 (down 10.5% vs. the S&P500 down 0.28%), as the company indicated that US per unit monthly fleet cost would be in the range of $250 to $260 for 2014. Our prior forecasts called for per unit monthly fleet cost of $248 implying a 3% delta vs. the midpoint of management guidance. We believe most investors and the sell-side were below our forecasts.” Hertz Global closed on Tuesday at $21.30.