Amateur day traders had a field day with Hertz. Now, Morgan Stanley says Avis stock could be next and skyrocket 65%.
After Hertz filed for bankruptcy, its stock became a playground for day traders hoping to capitalize on the volatility. Now, Avis could be next. Morgan Stanley upgraded the stock Thursday with an aggressive price target of $37.That's great news for investors, Morgan Stanley says, and the stock could rise as high as $37 — more than 65% above its value at the time of the upgrade.
The bank's new thesis for the car-rental company is three fold: an improving used-car market that didn't crash nearly as badly as some had predicted, fresh signs of an economic recovery, and market share gains not just from Hertz. "We believe Avis will take market share from Hertz as well as other transportation mediums , as consumers use rental cars as alternatives for short-haul routes," Adam Jonas, the bank's autos analyst, said in a note to clients Thursday.
That potential use-case, as airline passenger numbers remain well below normal levels, was on full display going into the Fourth of July weekend. In many cities including New York, rental cars were in high demand and even unavailable at many high-demand locations.When Hertz entered bankruptcy earlier in June,
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