Hertz slides as JP Morgan turns bearish
** Shares of Hertz HTZ.O down 4% premarket to $3.12 after JP Morgan downgrades rental car firm to 'underweight' from 'neutral' and removes $5 PT
** JP Morgan says it lowers estimates to account for softer travel trends and possible faster churn of co's vehicle fleet, which could lead to higher depreciation and lower EBITDA
** Brokerage cites HTZ's high financial leverage, adding co may face litigation costs associated with prior bankruptcy that it did not previously consider in its valuation analysis
** JP Morgan finds shares of 'overweight'-rated peer Avis CAR.O, pointing to less leverage and a "stronger operator", as "attractively inexpensive"
** HTZ has grappled this year with weak demand and clearing out its EVs after higher-than-anticipated repairs charges and overall fleet maintenance expenses
** Avg rating among 10 brokerages covering HTZ is "hold" and median PT is $3.85, LSEG data show
** Shares have shed 69% YTD through Fri
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