October 18, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Avis stock falls after Morgan Stanley recommends selling, saying it’s too early for the ‘mega-fleet bull case’

Shares of Avis Budget Group Inc. dropped 2.5% in afternoon trading Thursday, after Morgan Stanley analyst Billy Kovanis recommended investors sell, saying it’s too early for investors to be betting on the “mega-fleet bull case.” The stock has now lost 4.8% since it closed at a record $153.39 on Tuesday, but has still more than doubled (up 103.6%) over the past three months and rocketed 291.6% year to date, while the S&P 500 has advanced just 18.1% this year. Kovanis downgraded Avis to underweight, after cutting the rating to equal weight in March 2021. Although he raised his tock price target to $110 from $85, the new…

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