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Goldman Sachs warns on auto rental pressure [Seeking Alpha]

AVIS BUDGET GROUP (CAR)  More Company Research Source: Seeking Alpha
Last avis budget group earnings: 5/2 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.avisbudgetgroup.com
PDF Goldman Sachs warns on auto rental pressureGoldman Sachs thinks Avis Budget (CAR-5.1%) will face pressure from an increase in off-lease vehicles and increased competition at airports.The concerns are significant enough that the investment firm sets its estimate on Avis' 2018 EBITDA at about 30% below the consensus mark."Overall, we believe sustained competition from industry market share leader Enterprise (which has continued to take share) as well as increasing availability of ride-share competition on-airport, in combination with rising interest rates and a reversion in residual value trends will keep rental car earnings more flat year-over-year in 2018 and below Street expectations," sums up analyst David Tamberrino on the bear case.GS drops Avis to a Sell rating and assigns a price target of $33.Hertz Global (HTZ-2.3%) is also tracking lower today. There wasn't too much that Goldman pushed out in its note on Avis that doesn't also apply to Hertz.Click to subscribe to real-time ana [Read more]

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