Herc Holdings price target lowered to $105 from $130 at BofA

BofA lowered the firm’s price target on Herc Holdings to $105 from $130 and keeps an Underperform rating on the shares. While stating that there “were some bright spots” in Q3, Herc trimmed the high end of its EBITDA and net capex guidance and trimming the high-end is “unlikely to satiate investors,” the analyst tells investors in a post-earnings note. The firm, which cites ongoing entertainment disruption, negative free cash flow, and slowing construction starts as leaving it more cautious, looks toward Herc’s November 2 Investor Day for renewed three-year targets and a medium term outlook.