Avis, Hertz Rise as Rental Price Recovery Seen Amid Fleet Cuts
- ‘Pricing in the Americas has rebounded,’ Avis CFO says
- Rental-car rivals have tumbled this year amid oversupply
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Avis Budget Group Inc. climbed to the highest in almost five months after Chief Financial Officer David Wyshner said pricing pressure that curbed the rental-car company’s earnings is showing signs of easing.
The shares rose 5.1 percent to $31.94 at 11:23 a.m. New York time after reaching $32.02, the highest intraday price since Jan. 8. Wyshner’s comments, made during a presentation Monday at a Goldman Sachs conference, also buoyed competitor Hertz Global Holdings Inc., which rose as much as 6 percent to $10.65, its highest since March 30.