Hertz: Jefferies no longer Buy on the stock
' EV poses short-term profitability problems for Hertz. EV repair issues, operating expenses and higher DPU will limit near-term profitability' says Jefferies.
The analyst has cut its EBITDA estimate for 2024 by 35% to around $500 million. We believe that +$815 million will probably prove too optimistic.
' Given that resolving these issues is neither simple nor quick, we have little conviction even in our reduced EBTIDA estimate for 2024, which limits near-term upside."
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