瑞银因联合租赁二季度强劲业绩上调目标价至1350美元

United Rentals (URI) drew a bullish response from UBS after posting stronger-than-expected second-quarter results, with the investment bank saying the equipment rental giant's execution and improving demand support further earnings growth.
UBS analyst Steven Fisher reiterated his Buy rating on United Rentals (URI) and raised his price target to $1,350 from its previous level of $1,300 after the company reported earnings that beat Wall Street expectations and lifted its full-year outlook. Fisher said investors had entered the quarter expecting a beat-and-raise, but lingering concerns over margins made the results more impressive.
"We think investors should be positively surprised by the margin growth and better than expected fleet productivity," Fisher wrote.
The analyst said United Rentals (URI) continues to benefit from growing activity on large non-residential construction projects while demand in local markets remains stable. He added that the company has been effective at putting more equipment to work as manufacturers meet requests for additional fleet, a trend he said should also benefit equipment suppliers.
Fleet productivity rose 3.4% during the quarter, comfortably ahead of the roughly 2.0% consensus expectation, driven in part by stronger-than-expected equipment utilization and higher rental rates, Fisher said. Rental gross margins also exceeded expectations, while a gain from the sale of scaffolding assets was recorded outside the rental business and therefore did not inflate margin performance.
For investors, the results reinforce expectations that spending on large industrial and infrastructure projects will accelerate during the second half of the year, supporting faster earnings growth for equipment rental companies.
Fisher also said margin trends could continue improving as fuel and delivery costs ease and the company completes restructuring initiatives that are expected to generate roughly $45 million to $50 million in annual savings. United Rentals (URI) reported about $12 million in restructuring benefits during the second quarter.
Following the earnings report, UBS increased its financial forecasts, raising revenue estimates for fiscal 2026 through 2028 by 2.4%, 4.0% and 5.2%, respectively. The firm also lifted its adjusted EBITDA estimates by 3.2%, 3.6% and 4.8% over the same period, citing stronger fleet utilization, moderating cost pressures and continued momentum in non-residential construction.
UBS now forecasts adjusted earnings before interest, taxes, depreciation and amortization of $8.11 billion in 2026, $8.87 billion in 2027 and $9.58 billion in 2028.
Fisher's new $1,350 price target is based on a 10.5-times enterprise value-to-ebitda multiple, reflecting what he views as improving growth prospects and execution, even though the valuation sits above the stock's typical trading range over the past two years. He noted the shares have traded at similar multiples during previous periods of strong investor optimism.