Why Avis Budget Group Stock Shot 10% Higher Today

Shares of vehicle-rental incumbent Avis Budget Group (NASDAQ:CAR) zoomed into the speeding lane on Thursday, accelerating nearly 10% higher. That was due to a significant change in a recommendation from a high-profile bank.

So what

Thursday morning, Bank of America Securities analyst John Murphy upped his recommendation on the stock to buy from the previous neutral. In doing so, he also pushed the gas pedal on his price target, which is now $125 per share, from $90. At the new level, the stock now has nearly 27% potential upside, even after today’s big gain.

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