United Rentals: A Full Valuation Given A Cloudy Macro

United Rentals shares are rated a Sell at current levels after gaining 56% over the past year, with an estimated 20% downside to fair value of $880. Management raised 2024 guidance, targeting $2.3 billion in free cash flow and $7.625, $7.875 billion in EBITDA. The stock's 3.5% free cash flow yield signals stretched valuation.