Shares of rental car company Hertz (NYSE: HTZ) fell as much as 11.7% on Thursday after analysts at Morgan Stanley cut its price target for the stock from $15 to $12. Shares closed the trading day down about 11.4%.
Hertz’s decline on Thursday continues a bearish run for the stock recently, driven largely by the company’s worse-than-expected loss in its first quarter as CEO Kathryn Marinello aims to execute on a turnaround plan.