UPDATE: Credit Suisse Initiates Coverage on Avis Budget Group with Outperform Rating, $72 PT as Stock is Still Accelerating Globally

In a report published Thursday, Credit Suisse analyst Anjaneya Singh initiated coverage on

with an Outperform rating and $72.00 price target. In the report, Credit Suisse noted, “We believe that the healthy NA pricing gains that CAR has seen in FY14 YTD (~2%) are in the early innings, and we expect them to continue for the foreseeable future, driven by (1) currently low RPD and relatively inelastic demand, (2) an oligopoly structure driving rational pricing, and (3) healthy macro indicators and travel-related data points.” Avis Budget Group closed on Wednesday at $59.81.