NEW YORK (TheStreet) -- Shares of rental car company Hertz Global Holdings (HTZ) were up 1.12% to $28.79 in Friday morning trading, but Barclays isn't sure that there's a case to be an incremental buyer for the stock for now after its massive earnings miss.

The bank cut its price target on the stock to $31 from $52 in a research note circulated to investors Friday morning, pointing to its expectations of more downward earnings revisions ahead.

Hertz trimmed its full-year earnings guidance to a 51 cent-to-88 cent per share range from $2.75-to-$3.50 when it released third quarter results after the market closed Monday. The stock lost as much as half of its market value the following day before it pared back some of its losses. It has traded steadily since. Despite the precipitous drop, billionaire investor Carl Icahn said he purchased 15 million shares of Hertz, which more than doubled his previous investment and gives him roughly a 35% stake in the company.

The company attributed the darker forecast to depreciation on its vehicles and slower-than-expected cost savings, but Barclays sees a different narrative. Analyst Brian Johnson wrote that the revision was "partially a function of deterioration in demand (international and U.S. corporate), overly aggressive prior guidance and mis-execution (biting off more than it could chew).

Johnson believes that earnings growth will remain sluggish.

"While there may still be compelling long-term potential for the stock to the extent Hertz is able to make progress around its earnings targets, investors are unlikely to be buyers anytime soon," he added.

Hertz reported earnings per share of $1.58 on roughly $2.54 billion in revenue. Analysts surveyed by FactSet had anticipated earnings of $2.73 on roughly $2.59 billion.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate HERTZ GLOBAL HOLDINGS INC as a Sell with a ratings score of D+. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: HTZ

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