Avis Budget Group (NYSE:CAR) posted its quarterly earnings results on Wednesday. The company reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by $0.03, American Banking and Market News reports. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. Avis Budget Group updated its FY13 guidance to $2.10-2.25 EPS.
A number of analysts have recently weighed in on CAR shares. Analysts at Barclays raised their price target on shares of Avis Budget Group from $29.00 to $32.00 in a research note to investors on Tuesday, October 22nd. They now have an “equal weight” rating on the stock. On a related note, analysts at JPMorgan Chase & Co. initiated coverage on shares of Avis Budget Group in a research note to investors on Wednesday, October 9th. They set an “overweight” rating on the stock. Finally, analysts at TheStreet downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note to investors on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Avis Budget Group presently has a consensus rating of “Hold” and an average target price of $30.00.
Shares of Avis Budget Group (NYSE:CAR) traded down 1.07% during mid-day trading on Wednesday, hitting $28.70. The stock had a trading volume of 2,176,717 shares. Avis Budget Group has a one year low of $15.10 and a one year high of $34.21. The stock has a 50-day moving average of $29.43 and a 200-day moving average of $30.01. The company has a market cap of $3.101 billion and a P/E ratio of 20.46.
Avis Budget Group, Inc (NYSE:CAR) operates two brands in the global vehicle rental industry through Avis and Budget.
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