by Karl Utermohlen | March 3, 2014 2:00 pm
Hertz (HTZ) filed an extension for its 10-K which saw HTZ stock drop over 2% in early trading Monday.
The company’s stock suffered after Hertz struggled to prepare its financial statements for the fiscal year’s fourth quarter (which it usually releases on the last week of February). The company recently implemented an enterprise resource planning (ERP) to improve its financial disclosure controls.
“The lack of investor communication from the company regarding a Q4 release date had created speculation about a potential HERC transaction,” said Wells Fargo analyst Richard M. Kwas. “We note the company hired a new CFO in December, which may have complicated the situation.”
Kwas added that the company’s downside potential is likely above $25/share (the 200day moving average is $25.19). Wells Fargo has an Outperform rating on Hertz.
HTZ stock is down about 2.25%.
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