Oppenheimer Sees 27% Upside In Hertz Global - Hertz Global Holdings (NASDAQ:HTZ)

Oppenheimer analyst Ian Zaffino initiated Hertz Global Holdings Inc HTZ with an Outperform rating and a price target of $31, implying an upside of 27%.
Zaffino says, with a "meaningfully improved cost structure, an under-levered balance sheet, and newfound competitive discipline," Hertz is an "interesting post-bankruptcy equity."
The analyst says the company has the potential to roughly double its pre-COVID EBITDA margins, even as auto production and the operating environment normalize.
The analyst further believes Hertz management has been "very forward-looking" with the recently signed agreements with Tesla Inc TSLA, Carvana Co CVNA, and Uber Technologies Inc UBER. In addition, the company has a "shareholder-friendly" $2 billion buyback program in place.
Zaffino believes the $31 target can be achieved.
Price Action: HTZ shares are trading higher by 0.82% at $24.63 during the premarket session on Thursday.