They made a ratings swap as they upgraded Avis Budget Group (NASDAQ: CAR ) to Buy while cutting HTZ. "Simply put, we see an unreasonably wide risk/reward disconnect between the two stocks here. We also believe HTZ's well-chronicled EV strategy, which recently pivoted to include the sale of one-third of the fleet, leaves investors with little conviction in the company's true run rate earnings power over the next few years," analysts wrote in a note. HTZ was also downgraded last week at Jefferies. HTZ stock fell 1% in early Thursday trade while CAR added 3.3%.