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Hertz Stocks Drops, Faces 'Challenges' to Earnings Recovery as Auto Industry Hard Hit

Hertz Global Holdings Inc (HTZ) stock fell 10% mid-morning Monday after Barclays analysts concerned with used car values and weak rental car pricing downgraded the rental car company.

Barclays said the combination of company-specific and industry-wide issues have created the "perfect storm" for Hertz.

Hertz's mounting challenges in earnings recovery and structural issues could have a binary effect on industry peer Avis Budget Group Inc (CAR) .

Barclays downgraded Hertz to "underweight" from "equal weight" with a $9 price target. Avis remains at an "equal weight" rating at Barclays, with a $32 price target.

Analysts said Hertz fundamentals have bottomed out, barring an economic downturn or auto industry shock. But the stock has jumped in the past five weeks on some positive data points and technical...