Avis Budget extends fall after JP Morgan cuts to 'neutral'

** Shares of car rental company Avis Budget Group CAR.O down 3.1% at $167.07

** JP Morgan cuts stock to "neutral" from "overweight"; keeps PT unchanged

** JP Morgan says vehicle recalls — at 4% of Avis's Americas fleet — are placing upward pressure on depreciation and downward pressure on pricing, lowering brokerage's near-term earnings estimates

** Says tailwind from tariffs raising prices of used vehicles not as great as originally expected

** Deutsche Bank cuts PT on CAR to $189 from $196

** CAR late on Tuesday posted Q2 profit below analysts' estimates, while revenue beat expectations - data compiled by LSEG

** Shares fell 15.4% in last session, hitting a near one-month low

** Co also announced a multi-year partnership with Alphabet's GOOGL.O Waymo to launch and scale a fully autonomous ride-hailing service in Dallas

** 5 of 9 brokerages rate the stock "buy" or higher, 4 "hold"; their median PT is $115 - data compiled by LSEG

** Including session's move, stock up 107.1% YTD