Halister News

(Bloomberg) -- United Rentals viewed as positive risk/reward amid strong free cash flow and expected multiple expansion on improved rental rates next yr, Citigroup analyst Timothy Thein (buy) writes in note.

• URI rose as much as 9.1%, most intraday since April 21; top performer today in SPX; vol. of 1.2x 3-mo. avg daily volume
• “Positive” on industry outlook as demand growth last month outpaced supply for 1st time in 15 mos.
• URI updated guidance assumes no m/m positive rate growth in the summer months, which may be “conservative” outlook
• H&E Equipment also up, rising as much as 7.2%; Titan Machinery climbed as much as 4.5%
• NOTE: Earlier, peer Ashtead gained as much as 6.1%, most intraday since Dec. 9, on 1.2x 3-mo. avg daily volume after Exane upgraded co. to outperform vs neutral