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Benzinga
Benzinga
Business
Akanksha Bakshi

Deutsche Bank Upgrades This Mobility Solutions Provider

  • Deutsche Bank analyst Chris Woronka upgraded Avis Budget Group Inc. (NASDAQ:CAR) to Hold from Sell, and the price target remained unchanged at $210 (an upside of 3.7%).
  • Woronka mentions that, since a downgrade of the shares post-market on November 2, the stock's estimated 2023 enterprise value to EBITDA multiple has contracted by nearly seven turns, to 9.4 times.
  • The analyst views Avis Budget's risk/reward as being "considerably more balanced" than November 2. He adds that in the absence of "compelling reasons" to reduce either the target multiple or estimates, he believes the "most proper course of action is to change our rating from Sell to Hold."
  • Woronka believes Avis shares are now close to fair value.
  • Price Action: CAR shares are trading higher by 3.89% at $202.48 on the last check Thursday.
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