A "Hollywood ending" for Herc has been postponed, according to Bank America.
Analyst Sherif El-Sabbahy double-downgraded shares to underperform from buy, citing the near-term impact from the ongoing writers and actors strike in Hollywood.
Herc rents out equipment such as forklifts, generators and light towers companies across different industries, including entertainment.
We expect the impact in Q2 will be notably higher, given work stoppages driven by the writers' (and now actors) strike."
The stock is up 8.1% in 2023 as shares rallied more than 38% over the past 12 months.
Persons:
Herc, Sherif El, Sabbahy, — CNBC's Michael Bloom
Organizations:
Bank America
Locations:
Hollywood