United Rentals shares dropped Tuesday morning after the company was forecasted to report weaker earnings.
The company's stock price declined 4.1% to $110.92 a share after its rating was lowered by UBS to "neutral" from "buy."
United Rentals share was previously $166 before the announcement. UBS stated that "increasing evidence of downward momentum" in United Rentals' main markets and "negative inflection" in earning may result in a 5% drop in Ebitda in 2020.
The company will hold its third quarter 2019 conference call with Matt Flannery, chief executive officer and Jessica Graziano, chief financial officer, on Thursday, October 17, 2019, at 11:00 a.m. Eastern Time.