Shares of Hertz Global (NASDAQ: HTZ) climbed as much as 10.9% early Thursday, then settled to close up 7.5% after the car rental company received a notable analyst upgrade.

In a note to clients this morning, Morgan Stanley's Adam Jonas raised his rating on Hertz stock to overweight from equal weight and increased his per-share price target by $1 to $16 per share. Even after today's pop, Hertz closed Thursday at just under $9 per share.

To justify his relative bullishness, Jonas praised Hertz's decision last week to sell around 20,000 electric vehicles from its fleet, representing around a third of its electric fleet. Jonas called Hertz's move at the time "another sign that EV expectations need to be reset downward across the market."

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Source Fool.com