HTZ - Why did Avis stock go down today?

Avis Budget Group (CAR -5.1%) shares dropped after Deutsche Bank and JPMorgan reiterated their Sell-equivalent ratings on the stock while recommending that investors purchase rival Hertz Global Holdings (HTZ +0.1%) instead. "In our view, the current valuation gap between the two companies is illogically wide," writes Deutsche Bank analyst Chris Woronka. Unlike Hertz which announced a $2B share repurchase program, it is "highly unlikely" that Avis Budget will repurchase any shares following a more than three-fold increase in price, says Chris. Read what analysts had to say about Hertz here.

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Why did Avis stock go down today?