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HERC Opens Seattle Branch; Analysts Urge “Buy”

Hertz Equipment Rental Corp. last week opened a new aerial services location in Seattle. It’s the Park Ridge, N.J.-based company’s first aerial services facility in the state.

The branch offers 12- to 50-foot scissorlifts and 20- to 135-foot boomlifts.
HERC, No. 3 on the RER 100, has more than 275 branches in the United States and Canada and 87 locations in France and Spain.

In corporate news, The Hertz Corp. recently named Mark Frissora chairman of the board of Hertz Global Holdings. Frissora joined Hertz as CEO in July after a six-year stint as chairman and CEO of Tenneco Inc.

Frissora succeeds Craig Koch who retired.

In market-related news, analysts at Deutsche Bank Securities initiated coverage of Hertz Global Holdings with a “buy” rating, with a target price set to $21. The Deutsche analysts noted that catalysts for the company’s growth include on-airport share growth via product differentiation, off-airport unit expansion and new market potential, with fewer than 20 percent of its locations being in places other than airports. Analysts also noted HERC’s 4-percent share of the fast-growing equipment rental market as being an area with strong growth potential.

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