Credit Suisse Believes CAR Still Has Room to GrowBy Jason Carr
In a report released yesterday, Anjaneya Singh from Credit Suisse reiterated a Buy rating on Avis Budget (NASDAQ: CAR), with a price target of $44. The company’s shares opened today at $40.18, close to its 52-week high of $42.21.
According to TipRanks.com, Singh is a 4-star analyst with an average return of 14.9% and a 71.4% success rate. Singh covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Nord Anglia Education, and Performant Financial.
Currently, the analyst consensus on Avis Budget is Moderate Buy and the average price target is $42.67, representing a 6.2% upside.
In a report issued on November 4, MKM Partners also reiterated a Buy rating on the stock with a $47 price target.
Based on Avis Budget’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $2.66 billion and quarterly net profit of $209 million. In comparison, last year the company earned revenue of $2.58 billion and had a net profit of $184 million.
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Edward Linnen, the EVP HR of CAR sold 4,000 shares for a total of $146,760.
Avis Budget Group, Inc. provides a complete range of vehicle rental and car sharing services through various brands such as Avis, Budget and Zipcar. The company operates its business through following segments: America and International. The America segment provides and licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean. The International segment provides and licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, Australia and New Zealand. Avis Budget Group was founded on August 23, 2006 and is headquartered in Parsippany, NJ.