Avis Budget Group (NASDAQ:CAR) Stock Gets Price Target Increase from The Goldman Sachs Group

Key Points

• Goldman Sachs raised its price target on Avis Budget Group from $94 to $108 but kept a “sell” rating; the new target implies 6.63% downside from the share price at the time of the report.
• Analyst sentiment remained cautious: MarketBeat reported a consensus “Reduce” rating and an average price target of $119, with five analysts at Hold and four at Sell.
• Avis reported quarterly EPS of $5.15, missing the $8.01 consensus estimate, while revenue of $3.44 billion slightly beat expectations but fell 2.4% year over year.

Avis Budget Group (NASDAQ:CAR - Get Free Report) had its price objective increased by analysts at The Goldman Sachs Group from $94.00 to $108.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "sell" rating on the business services provider's stock. The Goldman Sachs Group's target price would suggest a potential downside of 6.63% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Avis Budget Group in a research note on Monday, August 17th. JPMorgan Chase & Co. decreased their price target on Avis Budget Group from $145.00 to $105.00 and set an "underweight" rating on the stock in a research note on Thursday, October 8th. Barclays dropped their price objective on Avis Budget Group from $160.00 to $115.00 and set an "equal weight" rating on the stock in a report on Monday. Susquehanna cut their price objective on Avis Budget Group from $140.00 to $125.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Zacks Research cut Avis Budget Group from a "hold" rating to a "strong sell" rating in a research report on Monday, October 19th. Five equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $119.00.

Avis Budget Group Trading Down 3.5%

Shares of NASDAQ:CAR traded down $4.15 during midday trading on Thursday, hitting $115.66. The stock had a trading volume of 193,534 shares, compared to its average volume of 1,208,359. The company has a market capitalization of $4.09 billion, a PE ratio of -5.00 and a beta of 1.95. The stock has a 50 day moving average price of $115.06 and a two-hundred day moving average price of $152.96. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.01 by ($2.86). The company had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.42 billion. During the same period in the prior year, the company earned $10.11 earnings per share. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities analysts expect that Avis Budget Group will post 1.08 EPS for the current year.

Institutional Trading of Avis Budget Group

Institutional investors and hedge funds have recently modified their holdings of the business. Pentwater Capital Management LP acquired a new stake in shares of Avis Budget Group during the second quarter worth $371,541,000. Hsbc Holdings PLC acquired a new position in Avis Budget Group in the second quarter valued at $247,773,000. BlackRock Inc. acquired a new position in Avis Budget Group in the second quarter valued at $245,413,000. Cibc World Market Inc. acquired a new position in Avis Budget Group in the second quarter valued at $73,915,000. Finally, Mizuho Markets Americas LLC lifted its position in Avis Budget Group by 7.4% during the first quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider's stock worth $58,340,000 after buying an additional 27,500 shares during the period. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a provider of mobility and vehicle-rental services. Through its Avis and Budget brands, the company offers car and truck rentals to business and leisure customers, serving travelers through airport and neighborhood locations as well as digital booking channels.

The company also operates Zipcar, a car-sharing service that provides members with access to vehicles for short-term use. Its brand portfolio has also included Payless, which serves value-oriented rental customers.

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