Avis Budget rises on lower costs forecast, despite quarterly earnings miss
** Shares of Avis Budget CAR.O rise 13% to $94.08 after car rental company forecast lower costs for its 2025 fleet, despite reporting quarterly results that missed analyst estimates
** CAR is on track for the biggest daily pct gain since May and highest close since August, this year
** CAR is on track to start 2025 with substantially fewer cars in 2025 than in 2024 and its holding costs are set to be lower, as new cars become affordable, President Avis Budget and Chief Executive Joseph Ferraro said during an earnings call
** "Based on our model year 2025 fleet buy, we are well positioned to have lower holding costs as we rotate in the new fleet. We saw a robust volume in the quarter, and we'll continue to prioritize higher margin business as we remain selective regarding lower-margin brand-agnostic customers" - Ferraro
** CAR had reported rev of $3.48 bln vs est. of $3.53 bln; and EPS of $6.65 vs expectations of $8.18
** Among nine analysts covering CAR, the median PT is $117.50 and avg. rating is "buy", according to data compiled by LSEG
** CAR is down ~47%, YTD, with today's move
Reporting by Chibuike Oguh in New York
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