Barclays Cuts Price Targets On These Two Car Rental Companies

Barclays analyst Brian Johnson lowered Hertz Global Holdings Inc HTZ price target to $26 from $28 and maintained an Overweight rating on the shares.
The analyst also lowered Avis Budget Group Inc CAR price target to $168 from $217 and maintained an Underweight rating on the shares.
The analyst reduced estimates modestly and points to "what now may be the peak for earnings revisions, near term, in the rental car space."
Johnson says, within that backdrop, "valuations appear to be coming in slightly, though we still see room for earnings and multiples to converge."
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Price Action: HTZ shares traded higher by 1.59% at $22.05 and CAR up by 5.21% at $197.47 on the last check Thursday.