- United Rentals (NYSE:URI) moves higher in early trading after Citi upgrades the equipment rental stock to a Buy rating from a previous stance of Neutral. Citi makes the call after United Rental fell off about 5.5% over the last six weeks.
- The firm thinks positive estimate revisions for United Rentals will support further room for share gains as investors keep trading multiples in line with prior levels.
- "The combination of stronger construction & industrial market activity and tight rental markets should help drive a stronger earnings upcycle," updates analyst Timothy Thein on the path ahead for URI.
- Shares of United Rentals are up 2.22% premarket to $310.50 vs. the 52-week trading range of $139.40 to $354.60.
- United Rentals trades below its 50-day and 100-day moving averages.