The firm upgraded shares to overweight from equal weight.
Avis shouldn't be overlooked in the rental car space, according to Morgan Stanley. Analyst Adam Jonas upgraded the budget rental car company to overweight from equal rate and hiked his price target to $230 from $182. Jonas' new target implies the stock could rise 12.6% in the next year. That marks a turn in expectations from his previous target, which reflected the potential for shares to fall 10.9% from Friday's close.
the S & P 500 Jonas said Avis has been historically able to get higher revenue while keeping costs lower for better margins compared with Hertz , which he kept at equal weight. Revenue per transaction day was also higher for Avis in the first quarter, while the expenses as a percentage of total revenue were lower. Together, that means Avis had a structurally higher EBITDA margin, in line with historical performance.
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