JPMorgan Chase & Co. Cuts Avis Budget Group (NASDAQ:CAR) Price Target to $150.00

Avis Budget Group (NASDAQ:CAR - Get Free Report) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $175.00 to $150.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 66.17% from the stock's previous close.

Several other analysts have also weighed in on CAR. StockNews.com lowered Avis Budget Group from a "hold" rating to a "sell" rating in a research note on Wednesday, August 14th. Barclays initiated coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 price objective on the stock. The Goldman Sachs Group cut their price objective on Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft cut their price objective on Avis Budget Group from $155.00 to $146.00 and set a "buy" rating on the stock in a research note on Friday, August 30th. Finally, Susquehanna cut their price objective on Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $133.50.

Avis Budget Group Stock Performance

NASDAQ CAR traded down $1.79 during trading hours on Monday, reaching $90.27. 974,370 shares of the company's stock were exchanged, compared to its average volume of 722,595. Avis Budget Group has a one year low of $65.73 and a one year high of $204.77. The company's 50-day moving average is $81.98 and its two-hundred day moving average is $96.62. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 8.36 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.55 by ($1.90). The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 89.12%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $16.78 EPS. Research analysts predict that Avis Budget Group will post 6.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Rubric Capital Management LP grew its holdings in Avis Budget Group by 220.9% during the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider's stock worth $72,147,000 after buying an additional 475,181 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Avis Budget Group by 17.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider's stock valued at $61,644,000 after buying an additional 88,279 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Avis Budget Group by 19,203.5% during the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider's stock valued at $421,350,000 after buying an additional 478,552 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Avis Budget Group during the 2nd quarter valued at $19,978,000. Finally, Hsbc Holdings PLC raised its stake in shares of Avis Budget Group by 16.3% during the 2nd quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider's stock valued at $13,036,000 after purchasing an additional 17,750 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.