Hertz (NASDAQ:HTZ) stock is on the rise Thursday as investors react to an upgrade from Morgan Stanley analysts.
Morgan Stanley’s Adam Jonas is behind today’s upgrade as he boosted the shares from an “equal weight” rating to an “overweight” rating this morning. It’s worth mentioning that the analysts’ consensus rating for HTZ stock is a moderate buy based on seven opinions.
Investors will also note that Jonas adjusted the firm’s price target for HTZ stock from $16 per share to $15 per share. That’s still a potential upside of 79.4% over the stock’s previous close, even if it’s below the analysts’ consensus price prediction of $20.71 per share.
What’s Behind the HTZ Stock Upgrade?
The Morgan Stanley analysts praised a recent decision from Hertz to shrink its fleet by 20,000 units. This saw the company selling off electric vehicles (EVs) in its fleet. Jonas believes that this move will be beneficial to HTZ stock down the road.
With today’s analyst upgrade comes some 1.6 million shares of HTZ stock changing hands. For comparison, its daily average trading volume is about 4.7 million shares.
HTZ stock is up 7.7% as of Thursday morning. However, shares are still down 11.6% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
