JP Morgan lifts United Rentals PT on long-term growth potential

United Rentals

23/09/2024 11:01

** J.P. Morgan lifts equipment rental firm United Rentals'
 URI.N  PT to $940 from $780, maintains "overweight" rating
    ** The new PT represents ~20% upside to the stock's last
close
    ** Brokerage says URI "remains more than a near-term
cyclical play" as its diversified portfolio lowers cyclicality,
several multi-year macro tailwinds benefit its end markets
    ** "2025 should be another growth year as the ongoing Fed
rate easing cycle should improve demand from local customers 
that are generally more rate-sensitive," says brokerage
    ** Notes co's focus on lifting margins through scale and
technology, its growing specialty segment mix, and strong
balance sheet with acquisitions
    ** Eleven brokerages rate the stock "buy" or higher, eight
"hold" and two "sell"; their median PT is $745 - LSEG data
    ** Up to last close, stock had risen 36.7% YTD

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