Analysts at Morgan Stanley on Thursday cut their price target on Hertz Global Holdings Inc. to $12, from $15, saying that after Hertz’s “disappointing” first-quarter results it was time to reduce their expectations about the company. Hertz shares have traded around their lowest in seven years following first-quarter results late Monday. Hertz stock has lost nearly 24% so far this week, which contrasts with losses of 0.3% for the S&P 500 Index in the same period.
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