“Before market open on Friday, February 15, ZIP reported revenue of $70.7mn, slightly above both our forecast of $69.8mn and consensus of $69.9mn, but adjusted corporate EBITDA of $6.3mn was light of our $7.0mn forecast. The main driver of this miss was fleet-related costs which were 5% above our estimate. Member growth of 15.5% yoy was below our 18% forecast. Additionally, Hurricane Sandy had a roughly $1.0mn impact to earnings. Our 2013-2014 EBITDA estimates are unchanged at $24.2mn and $38.6mn, respectively. We introduce our 2015 EBITDA estimate of $53.0mn. Given its announced acquisition by Avis Budget, we do not expect the quarterly results to be a driver of stock price.,” the firm’s analyst commented.
Zipcar opened at 12.24 on Friday. Zipcar has a 52-week low of $5.90 and a 52-week high of $15.12. The stock’s 50-day moving average is currently $11.97. The company has a market cap of $490.2 million and a price-to-earnings ratio of 34.97.
A number of other analysts have also recently weighed in on ZIP. Analysts at Oppenheimer reiterated a perform rating on shares of Zipcar in a research note to investors on Thursday, January 3rd. Separately, analysts at MKM Partners upgraded shares of Zipcar from a sell rating to a neutral rating in a research note to investors on Thursday, January 3rd. Finally, analysts at JPMorgan Chase cut their price target on shares of Zipcar from $13.00 to $12.25 in a research note to investors on Wednesday, January 2nd. They now have a neutral rating on the stock.
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