Hertz Global Holdings Inc. climbed after Credit Suisse raised its earnings estimates for the car-rental company for this year and 2016.
The projections are now 75 cents a share, up from 61 cents, for this year and $1.03 a share, an increase from 89 cents, for
2016. Credit Suisse kept a $23 price target for Hertz stock, as well as an outperform rating.
Hertz last month completed a restatement of more than three years of earnings after an era of weak financial oversight. The Naples, Florida-based company is in what Chief Executive Officer John Tague, who took over in November, has called a transition year as new management cleans up the books and tightens up operations.
The shares rose 8.5 percent to $17.90 Wednesday at the close in New York for their biggest one-day advance since July
17. The stock was the third-largest gainer in the Russell 1000 Index.