Avis Budget Group's (CAR) stock surged 5.13% on Tuesday during intraday trading, outperforming the broader market. The rally came after Barclays analyst Dan Levy maintained a Hold rating on the car rental company and set a price target of $105.
While Levy did not provide specific reasons for reaffirming the Hold rating, the bullish sentiment surrounding Avis Budget's shares suggests investors are optimistic about the company's prospects. The stock's impressive gain on Tuesday indicates traders are betting on continued strong performance from the car rental giant.
Avis Budget has been benefiting from a robust recovery in travel demand as pandemic restrictions ease globally. The company has also been successfully implementing various cost-cutting measures and operational efficiencies, which have bolstered its profitability. As the summer travel season approaches, investors are anticipating further upside for Avis Budget's stock.
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