United Rentals: Another double-digit pop post-earnings; is our conviction waning? The cycle‘s still early...

研报英文原文证据摘录

United Rentals: Another double-digit pop post-earnings; is our conviction waning? The cycle‘s still early...

23 July 2026

Chad Dillard

+1 917 344 8469

U.S. Machinery chad.dillard@bernsteinsg.com

Miguel Marques, CFAUnited Rentals Inc +1 917 344 8432

Rating miguel.marques@bernsteinsg.com

Outperform Specialist Sales

Steve Song

Price Target +1 917 344 8401

steve.song@bernsteinsg.com

URI 1,317.00 USD (1,153.00 OLD)

United Rentals: Another double-digit pop post-earnings; is our

conviction waning? The cycle's still early...

URI reported a beat and raise 2Q. Fleet productivity is accelerating (with minimal contribution

Close Date 23 Jul 2026

from local markets), core margins are improving (after factoring for one-time items and

URI Close Price (USD) 1,139.71

ancillary/re-rent mix), and mgmt is raising capex in advance of stronger demand visibility.

Price Target (USD) 1,317.00

Bottom line, we continue to see upside to ‘27 numbers and remain buyers following the print.

Upside/(Downside) 16%

Core growth accelerating; guidance raise implies improving demand visibility. URI’s 52-Week Range 1,177.67/701.59

fleet productivity metric improved to +3.4% this quarter, up from 2.3%. Equipment rental SPX 7,498.96

revenues accelerated from +9% in 1Q to +13% in 2Q with improvements in both GenRent FYE Dec

(+6% in 1Q to +7%) and Specialty (+14% in 1Q to +25%). As a result, mgmt raised their net Div Yield 0.7%

sales guide by +3% to $17.65B. Further, mgmt raised its gross capex guide by +10% on the Market Cap (USD) (M) 70,938

back of improved visibility in underlying demand. This is largely driven by continued mega- EV (USD) (M) 86,211

project growth with commentary on local markets moderately improving from “stable” to Performance YTD 1M 6M 12M

growing low single-digits Y/Y.