Hertz Global Holdings, Inc (NYSE:HTZ) stock took a heavy hit today following a downgrade from Barclays.
Barclays analyst Dan Levy has lowered the firm’s rating for Hertz Global Holdings, Inc from “Equalweight” to “Underweight.” The analyst has also set a price target of $9 for HTZ stock, which is well below its closing price of $17.34 on Friday.
The reason for the downgrade from Barclays is that Levy is expecting Hertz Global Holdings, Inc to perform poorly during its second quarter of 2017. This could result in the stock having a hard time recovering from its current downward trend
Hertz Global Holdings, Inc will be releasing its earnings report for the second quarter of 2017 on Tuesday, Aug. 8, 2017. The release of these earnings will come at 4:00 p.m. Eastern Time and a webcast will follow at 5:00 p.m. that same day.
Barclays update on Hertz Global Holdings, Inc also saw it lower earnings per share estimates for fiscal year 2017 and 2018. It is now expecting HTZ to report losses per share of $2.56 in fiscal year 2017 and $2.62 in fiscal year 2018. The firm’s previous estimates had losses per share of 79 cents in 2017 and 3 cents in 2018, reports StreetInsider.com.
Wall Street is expecting losses per share of 62 cents this year and earnings per share of 82 cents in the following year. For the second quarter of 2017, analysts are expecting Hertz Global Holdings, Inc to report losses per share of 12 cents on revenue of $2.22 billion.
HTZ stock was down 15% as of noon Monday and is down 32% year-to-date.