Investing.com - Hertz Global Holdings Inc (NYSE:HTZ) and Avis Budget Group Inc (NASDAQ:CAR), two companies whose share values have been deteriorating, experienced some welcome upside Friday afternoon as JPMorgan initiated coverage of the sector.
In initiating coverage, JPMorgan (NYSE:JPM) analysts said the headwinds have been "over-appreciated" by investors. Coverage of Avis Budget Group Inc. commenced with an overweight rating and stock price target of $39, well above current levels. Hertz Global Holdings Inc. was started at neutral with a $15 stock price target.
Hertz shares were up 10% at $14.09 on the news, closing in on the JPMorgan price target. Friday's advance meant year-to-date losses were trimmed to 34%. Avis Budget's shares were up 4.2% at $32.20. They trimmed their year-to-date losses to 12%.