United Rentals price target raised to $910 from $800 at BofA

BofA analyst Michael Feniger raised the firm’s price target on United Rentals (URI) to $910 from $800 and keeps a Buy rating on the shares. Q3 results were “a bit light” and a miss that “underwhelmed in some areas,” but while the implied Q4 is “not necessarily a lay-up,” United is still growing and likely will be in 2025 too in a soft industrial backdrop, the analyst tells investors. The firm believes a higher multiple is warranted as the Fed easing cycle is underway and thinks the business model and balance sheet is “well positioned to flex up (or down) into an easing cycle.”