Bank of America has upgraded United Rentals from Underperform to Neutral after a dip in the stock’s share price dropped it to the firm’s $60 price target.
According to analyst Ross Gilardi, the firm’s bearish thesis has run its course, and the stock’s downside from current levels is limited.
United is now down more than 38 percent in 2015, and Caterpillar Inc. CAT 0.82%’s weak guidance this week sent United’s stock low enough for Bank of America to pull the plug on its bear thesis.
Gilardi pointed out that Caterpillar’s weakness has a lot to do with emerging market demand, and United is a North America pure-play. In addition, the company recently reported that August results were slightly above expectations.
United has admitted…
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