Avis Budget extends losses after quarterly results

Avis Budget

29/04/2026 13:18

** Shares of car-rental company Avis Budget CAR.O fall 16.6% to $151.83 premarket after Q1 results

** CAR stock has plunged 74% since hitting a record high on April 21, as of last close

** CAR touched record high on April 21 after analysts pointed to a short squeeze

** Co had its steepest two-day decline last week, falling over 70%

** Co beat Q1 revenue estimates, helped by record vehicle utilization and improved pricing

** Expects FY26 adj. EBITDA of $850 mln to $1,000 Mln

** Reports Q1 revenue of $2.53 bln vs $2.43 bln consensus estimate, as per LSEG-compiled data

** CAR recently traded at 31 times forward earnings vs its five-year average of 11, suggesting it may be overvalued, according to LSEG data

** Average rating eight analysts is "hold" and their median 12-month price target is $108.50, about 40% below the stock's last close

** As of last close, CAR stock up nearly 42% YTD

 (Reporting by Utkarsh Tushar Hathi)

 ((utkarshtushar.hathi@thomsonreuters.com))