UPDATE: Morgan Stanley Reiterates On Avis Budget Following 1Q EPS Report

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In a report published Thursday, Morgan Stanley analyst Adam Jonas reiterated an Underweight rating on
Avis Budget GroupCAR
, but removed the $28.00 price target. In the report, Morgan Stanley noted, “CAR 1Q EPS of $0.16 (excl. special items) was more than 3x MSe $0.05 and double cons. $0.08, driven mainly by lower than expected NA fleet costs and slightly better NA pricing. Adj. EBITDA of $117mm (excl. special items) was 13% above our $104mm estimate and above consensus. NA drove the beat, International was a bit light while Truck was in line.” Avis Budget Group closed on Wednesday at $54.03.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAdam JonasMorgan Stanley
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