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CS First Boston Upgrades United Rentals


Credit Suisse First Boston upgraded United Rentals (URI) to strong buy from buy.

Analyst Alan Pavese says significant insider selling last week pushed United Rentals' stock price down by almost 15%. He notes despite the large sale, management still retains its roughly 17% economic ownership stake in the company, which is well above average for its peer group. He says nothing associated with the sale changes the company's recent impressive operating track record, improving fundamental outlook, and inexpensive valuation compared to other less attractively performing companies. He sees $1.93 2002 EPS, and $2.73 for 2003. Pavese has a $35 target.


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