Macquarie favors Avis Budget over Hertz

• Macquarie weighs in on the major car rental stocks in a fresh note to clients.
• The investment firm thinks Avis Budget Group (CAR +0.7%) will benefit from higher rental prices and see margins improve in Europe, while execution issues are seen continuing to plague Hertz Global (HTZ +0.3%).
• Coverage on Avis is started off at Outperform, while Hertz is set at Neutral with a $56 price target.