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Herc Holdings hits YTD high after big Goldman boost

Sep. 20, 2019 3:42 PM ETHerc Holdings Inc. (HRI) Stock, URI StockURI, HRIBy: Carl Surran, SA News Editor
  • Herc Holdings (HRI +8.3%) surges after Goldman Sachs upgrades shares to Buy from Sell with a $60 price target, hiked from $37, saying U.S. construction equipment supply likely has peaked and that rental rates should find a bottom in coming quarters.
  • Goldman's Jerry Revich thinks Herc's cyclical risk/reward has improved, and he likes the company's operational turnaround, including a move towards higher return product lines.
  • Revich also upgraded United Rentals (URI +1.2%) to Buy from Neutral, foreseeing multiple expansion for the construction rental group if manufacturing production cuts play out in the coming quarters as expected.
  • HRI's average Sell Side Rating is Outperform.

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