Business

Mass. Movers

Zipcar Inc. stock surges on ratings upgrade

Zipcar has suffered as competition has increased.

Mike Segar/Reuters/File 2011

Zipcar has suffered as competition has increased.

Advertisement

Zipcar Inc., the Cambridge company that rents cars by the hour or day, rose after Goldman Sachs Group raised its rating on the stock to “buy.” The stock had declined 48 percent this year through Monday, Bloomberg reported. The rating change is “a high-risk, high-reward contrarian call,” Goldman said. Zipcar’s profit may rise more than investors expect because of “potentially higher operating margins in new and established markets.” Goldman raised its 12-month price target to $8.75 from $8.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.