Tomahawk, WI 06/08/2014 (Basicsmedia) – Hertz Global Holdings, Inc. (NYSE:HTZ) most popular car rental firm in the U.S. has articulated that it would regurgitate its financial results from 2011, 2012 & 2013 to correct the accounting errors from the year 2011. Hertz while quoting the internal audit reports, commented that the results from the 2013, including the 2011 annual report should no more be relied upon. According to the audit company of Hertz, the report is no more trustworthy as there are more prevalent accounting problems, than expected, in the annual report filed for fiscal 2011. For the same reason, the regulatory team has advised the business to restate the annual report for 2011 and to make necessary corrections in the 2012 & 2013 annual reports as well. Also, the company revealed that the results for its first quarter are about to be announced and are likely to be below estimates, as a result, of costs related with the report reviews.

Improved Stock Rating For Hertz Global Holdings By Zacks And Many More

In spite of the low trading score, erroneous financial results and delayed and low estimated quarterly result, the stock rating for Hertz has been targeted quite high as compared to its current market value. Zacks currently target the share price to $31.00. Stock analyst at Gabelli rated the share price to $32.00. Lastly analyst at JP Morgan intended the share price of Hertz to $33.00. The stock currently has a base price of $30.00. As the bell rang, Hertz traded losing approximately 9.17% during the intra-day trading, leading to $27,695. Meanwhile, Hertz went down to its 52 weeks low of $19.73 and 52 week high of $30.52. The upgraded stock rating given by these analysts would be due the announcement of splitting up of the business into two. Wherein division would deal with rental cars and the other one would focus on the commercial equipments.

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