United Rentals Gains As Citi Upgrades To Buy
By Dhirendra Tripathi
Investing.com – United Rentals Inc (NYSE:URI) rose more than 2% in Wednesday’s trading as the company secured an upgrade from Citi (NYSE:C) to buy with an unchanged target of $350, a rise of almost 13% from the current level.
Analyst Timothy Thein earlier had a neutral rating on the stock.
The analyst thinks positive estimate revisions can add to the upside in the stock. The stock has risen over 93% in the last year.
Thein said it is too early to call for an end of the business upcycle and he would selectively lean in to the sector on the back of the recent pullback. United Rentals fell about 5.5% over the last month-and-a-half.
Given the strength in construction and industrial markets and tight rental markets, Thein believes stronger earnings await the equipment rental company.
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