Avis Budget Stock Surges On BofA's Rating Upgrade, Raised Price Target

BofA analyst John Murphy upgraded Avis Budget Group Inc. CAR to Buy from Neutral and raised the price target to $125 (implying an upside of 26%), up from $90.
Murphy believes 'over-earning' to continue for the company.
He states that many of the company's macro factors driving "over-earning" in 2021 - including limited incoming vehicle supply, elevated revenue per day from the ongoing supply/demand imbalance, and moderated per-unit fleet cost - will likely persist well into 2022.
Price Action: CAR shares are trading higher by 11.1% at $99.96 on the last check on Thursday.