UBS analyst Steven Fisher downgraded United Rentals to Neutral from Buy with a price target of $525, up from $504. The analyst says a slower cycle and above average multiple equal more limited upside for the shares. UBS still expects United Rentals’ EBITDA to grow in 2024 and 2025, but it says the stock has reached a new all-time high and the multiple is above the five-year average. Additionally, it sees increasing variability of non-residential construction markets compared to the last couple of years.
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