Barclays initiated coverage of Hertz with an Underweight rating and $3 price target. The company faces a “challenging situation” as it is currently undergoing a significant fleet overhaul, replacing many of the electric vehicles in its fleet, while also overhauling its systems, the analyst tells investors in a research note. The firm says Hertz’s EBITDA and free cash flow are currently challenged. While it expects some improvement next year with EBITDA returning to breakeven, Barclays believes liquidity is an “elevated concern.” Further funding will likely required in the coming years and stock will remain under pressure for the time being, contends the firm.