Why United Rentals Stock Jumped 17% Last Month
Shares of equipment-rental company United Rentals (NYSE: URI) jumped 17.1% during July, according to data provided by S&P Global Market Intelligence. The company reported its financial results for the second quarter of 2024 on July 24, impressing investors. This provided the fuel the stock needed to rocket higher.
United Rentals is the largest equipment-rental company in the world, providing equipment for many different use cases and customer bases. It predominately does business in the U.S., and business has been quite good. The company's revenue in the first half of 2024 was up 6% from the first half of 2023. But its profits are really shining with a net-profit margin of 16% right now.
Prominent analysts were quick to praise United Rentals after its Q2 report. For example, Truist analyst Jamie Cook raised her price target for the company from $785 per share to $873 per share, according to The Fly. The analyst reportedly was impressed with Q2 results and cited the resiliency of its business model.
Source Fool.com
