JPMorgan recently initiated coverage of United Rentals with an "Overweight" rating and a $780 price target. Its thesis, paraphrased here, is going to sound familiar to you: The equipment rental industry is expected to be a key beneficiary of multi-year non-residential and infrastructure projects in the US with United Rentals' scale driving above industry-average growth and returns. This suggests that because of the fundamental picture, there is a high probability that JPMorgan and others with similar targets and ratings will come out in support of the shares given the pullback.