Zipcar, the company that rents cars by the hour or day, rose to its highest price in more than three months after Avondale Partners raised its rating on the stock to market perform. The shares gained 9.3% to $8.23, for their highest close since Aug. 2. Zipcar, based in Cambridge, Mass., has declined 39% this year. The rating change from market underperform "is primarily driven by evidence that decelerating revenue growth trends of recent quarters have now stabilized," Avondale said Wednesday in a report. "We believe that membership and revenue growth rates have stabilized." Zipcar, which created the business of hourly car rental in Cambridge in 2000, has suffered as...
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