United Rentals rises after J.P. Morgan initiates with 'overweight' rating

Herc Holdings

07/06/2024 15:36

** Equipment rental company United Rentals' shares  URI.N 
rise 1.8% to $641.73 in early trading
    ** J.P. Morgan initiates coverage of URI with "overweight"
rating
    ** Sets PT of $780, representing a 23.7% upside to the
stock's last close
    ** Says URI’s market share and scale benefits show in higher
per unit economics compared to its peers 
    ** Sees revenue upsides in the long-term, driven by
mega-projects, growth in specialty rental segment and M&A
    ** Also initiates coverage of peer Herc Holdings  HRI.N 
with "neutral" rating, PT of $155
    ** Five brokerages rate the URI "buy" or higher, three
"hold" and one "sell"; their median PT is $178.00 - LSEG data
    ** YTD, URI had risen ~12% and HRC had fallen ~12% 

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