Avis Budget Group (NASDAQ:CAR) Price Target Cut to $187.00 by Analysts at Morgan Stanley

Avis Budget Group (NASDAQ:CAR) had its price objective reduced by Morgan Stanley from $190.00 to $187.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the business services provider’s stock.

A number of other analysts also recently issued reports on the company. Northcoast Research upgraded Avis Budget Group from a neutral rating to a buy rating and set a $155.00 price target for the company in a research report on Monday, March 25th. StockNews.com upgraded Avis Budget Group from a sell rating to a hold rating in a research report on Monday, February 12th. The Goldman Sachs Group upgraded Avis Budget Group from a sell rating to a neutral rating and lifted their price target for the company from $118.00 to $130.00 in a research report on Thursday, April 4th. JPMorgan Chase & Co. dropped their target price on Avis Budget Group from $280.00 to $240.00 and set an overweight rating for the company in a research report on Wednesday, February 14th. Finally, Bank of America started coverage on Avis Budget Group in a research report on Tuesday, March 19th. They issued a buy rating and a $170.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $182.14.

Avis Budget Group Stock Down 2.9 %

CAR stock opened at $119.94 on Wednesday. The firm has a market capitalization of $4.28 billion, a PE ratio of 2.81 and a beta of 2.22. Avis Budget Group has a twelve month low of $99.60 and a twelve month high of $244.95. The stock has a 50-day simple moving average of $122.16 and a two-hundred day simple moving average of $158.86.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.15 by $2.95. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the company posted $10.46 EPS. On average, equities research analysts anticipate that Avis Budget Group will post 15.55 EPS for the current fiscal year.

Institutional Trading of Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS Group AG lifted its position in Avis Budget Group by 33.3% in the third quarter. UBS Group AG now owns 72,683 shares of the business services provider’s stock valued at $13,060,000 after purchasing an additional 18,167 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Avis Budget Group by 165.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 25,571 shares of the business services provider’s stock valued at $4,595,000 after purchasing an additional 15,943 shares during the last quarter. Campbell & CO Investment Adviser LLC lifted its position in Avis Budget Group by 274.9% in the third quarter. Campbell & CO Investment Adviser LLC now owns 8,502 shares of the business services provider’s stock valued at $1,528,000 after purchasing an additional 6,234 shares during the last quarter. AQR Capital Management LLC lifted its position in Avis Budget Group by 26.2% in the third quarter. AQR Capital Management LLC now owns 39,080 shares of the business services provider’s stock valued at $7,022,000 after purchasing an additional 8,115 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Avis Budget Group by 9.8% during the third quarter. Barclays PLC now owns 190,582 shares of the business services provider’s stock valued at $34,242,000 after buying an additional 17,082 shares during the period. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.