Herc Holdings falls after BofA cuts price objective

Herc Holdings

24/10/2023 16:22

** Shares of equipment rental supplier Herc Holdings  HRI.N 
fall 3.39% to $103.58
    ** BofA Securities cuts price objective to $105 from $130,
citing ongoing entertainment disruption, negative free cash flow
and slowing construction starts
    ** Brokerage reiterates "underperform" rating on stock
    ** HRI's Q3 adj EPS of $4.00 misses average analysts'
estimate of $4.15 - LSEG data
    ** "A slowdown in studio entertainment business as a result
of labor disruptions in the film and television industry
contributed 200 basis points of the change (in dollar
utilization), as well as continued supply chain challenges in
certain categories of equipment that have disrupted the normal
cadence of deliveries," Herc says on Q3 results
    ** Seven of 9 brokerages rate stock "buy" or higher, 1 each
rates "hold" and "sell"; median PT is $165 - LSEG data
    ** Up to Monday's close, stock down ~21% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))