United Rentals (URI) PT Bumped to $124 at Piper Jaffray on 'Robust' Q2

Piper Jaffray analyst George Tong reiterated an Overweight rating in United Rentals (NYSE: URI) and bumped his price target to $124.00 (from $123.00) following "robust" Q2 results.

Tong comments, "Second quarter results demonstrate United Rentals' attractive margin leverage to a multi-year expansion cycle in equipment rentals. URI posted healthy outperformance in revenues, margins and earnings, and raised guidance for the year in excess of the beat. We believe there remains further opportunity for URI to deliver strong margin expansion and free cash flows as we move through early innings of the expansion cycle."

The firm raised FY 2014 EPS from $6.53 to $6.78 and FY 2015 EPS from $7.98 to $8.30.

For an analyst ratings summary and ratings history on United Rentals click here. For more ratings news on United Rentals click here.

Shares of United Rentals closed at $108.23 yesterday.

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